It looks like Columbus font of Solopedia catalog.
As you can find here:
http://abfonts.freehostia.com/solopedia/solopedia-c.htm
there are many other digital versions of this font:
Columbus (Sam Wang, Brendel/B&PGraphics),
Wedgewood (Brendel),
Deneane (FontBank),
Cowan (Opti),
C790 Deco (Softmaker),
Tringle (WSI),
Jazzy 50 (Fantazia),
Beaumarchais (Scriptorium)

...and an interesting note:

Tom Phinney is developing a high-quality version named Cristoforo.
Original design is by Ihlenberg, 1892.

Is Tom Phinney actually completed his Cristoforo font?
I really don't know...

definitely hand-drawn. felt tip marker too. i'm at a loss for suggestions.
edit:
nice work for the above suggestions/links!

Hand drawn but a good rendition. Columbus was designed by Herman Ihlenburg, patented by him in 1892, and sold by MacKellar/American Type Founders.
For persons not familiar with the Solopedia, it is currently updated monthy by "Character" -- see usenet newsgroup alt.binaries.fonts and is also on the web at the location noted by fvilanakis .
For anyone interested in the patent it's D22021 which is online at Google Patents and the US Patent Office. Here is the character set shown in the patent: