The most common and most likely answer to this crossword clue is the 8 letter word MONARCHS
I've seen this crossword clue in Independent
M
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The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does MONARCHS mean?
MONARCHS noun- The ruler of an absolute monarchy or the head of state of a constitutional monarchy.
- The monarch butterfly, Danaus plexippus, and others of genus Danaus, found primarily in North America, so called because of the designs on its wings.
- (Aboriginal English) A police officer.
- (often capitalised) A stag which has sixteen or more points or tines on its antlers.
- The chief or best thing of its kind.