This looks like an embroidery font that does not seem to match any retail font.
It seems to have been based on 19th century fonts styles ranging from "Antique" [Egyptian] to Clarendon.
The serif treatment on _S_ seems to be the key to the source fonts.
Perhaps the closest source might be Kinghorn 205 Med

http://www.myfonts.com/fonts/talbot/kinghorn-205/ which has strokes and serifs all of a roughly equal weight similar to the lettering in the Cap Tallie. There is also a condensed version.
The reverse contrast -- top and bottom thicker than sides -- shown in the top of _S_ in the Cap Tallie might be a quirk of that the digital instructions for that letter.
Also consider Antique Central Heavy http://www.myfonts.com/fonts/aboutype/antique-central/
if you want reverse contrast you could consider http://www.myfonts.com/fonts/bitstream/p-t-barnum/ which suggests the _S_ but the vertical strokes are too thin.
Don

EDITED:
Larger scale image of HMNNZS PHILOMEL Navy Cap Tally.

Larger scale image of another HMNNZS Navy Cap Tally.

Another Navy Cap Tally.
With the better scale the Clarendon roots are obvious
Don

EDITED:
More with a pattern, or patterns, closer to your HMNNZS Navy Cap Tally

Some are vintage from before WW II.
Don

The best match would be a Clarendon with strokes and serifs all of a roughly equal weight, which would differ from an Antique or Egyptian in that some of the terminals, such as those in _E_ and _L_, are tapered.
Part way there is Patrick Griffins Clarendon Text Bold

https://www.myfonts.com/fonts/canadatype/clarendon-text/
Don

More letters from the same font or similar fonts

Don