Hmmm, those Rs and Es look very Goudy to me, but Goudy Incised is only a so-so match:

http://www.myfonts.com/fonts/lanston/ltc-goudy-handtooled/ltc-goudy-hand...

Some handtooled fonts.

Interesting! Since I have the original, in color, I know that the font is not actually hand-tooled. It's just the shadows and texture of the font that give that impression in this scan. So if you leave out the hand-tooled part of it, does that help track down the font?

It looks very familiar to me, but I can't quite place it.

Kristen

I would have guessed Goudy Handtooled but there are a couple of problems. Goudy rarely, if ever, did his cap R tails like that. It is also extremely rare for an "open, engraved, inline, handtooled" metal typeface to have the opened area of the letterform on the right side. Most commonly they are directly down the center or on the left. The reason for this is that the strength of color is usually on the left and during presswork this would help keep the letterform open. If on the right, to compensate for overall color, more ink might be required and the opened area would fill. As it has obviously in the example.

Gerald