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Most likely woodtype with a backwards cut 'M'?
This appears to be William Caslon's Caslon Italian. Digitized by Paul Barnes of Commercial Type, but that one is not available. See here and here for available digital interpretations. The latter departs more from the source.
doesn't have that funky M. but otherwise...
frode frank seems to have it right, at least in terms of the origin. Do you think this was a wood version or metal? it certainly looks like it was carved.
The M does look weird, but it follows the rest of the design perfectly - the entire contrast is reversed.
Yeah, saw that in Frode's link — interesting.
Yet another candidate in the close-but-not-quite category: OK Corral by Michael Hagemann.