Looks like lithography from the second half of the 19th century.
Note the letters are on an arc. Extremely difficult to do this with type in letterpress printing. The second S is very close to to the first S but there seem to be differences that are not due to effects of photographing at an angle.
This is a Tuscan letterform with spurs.
The style was very common but with many variations.
There is probably a typeface from the era that looks similar to these letters.
A digital font with some resemblance to the core of these letters is Bruce foundry's Style No.1050 digitized by Jim Spiece as Frisco Antique
http://www.myfonts.com/fonts/spiecegraphics/frisco-antique-display-sg/
Don
In the ballpark, Fantaisie by Lev Berry:
http://levberry.com/#/fantaisie/
Don
Captured from web.archive.org on 27 Feb 2019. view this capture