I'm thinking the V has serifs on either side of the bottom, not just on the right side. Also, the serifs in the original may be less pronounced than in your re-creation. It looks like you've exaggerated things a little bit. Looks good, though.

I think you're approaching this a bit too conventionally. The "twisted" serif on the "L" is a nice Art Nouveau element (and the bar of the "F" actually has it too). The old-school bottom of the "V" and the Elzevir "M" are also things I would keep.

Then there's the spacing...

hhp

The bent-in spike on the L was probably to help space the L tighter, and put less of a hole in the middle of the word. Adding to Brad's suggestions: some of your serifs are less bracked than in the original. These should be consistent, as in the original, for a nice look.

R has serifs on both sides of the tail. D, O and R curves look in the photo like "superellipse" or gradual curves, not straights with round corners. R is too round, D and O are too straight.

I agree; there are some fun, irregular things about this carving. Observe them and decide which to keep and repeat, especially if you plan to finish the alphabet. Some features might change (F middle bar too short). I agree with Hrant that it should not be made more conventional or regular.

Cicifoo, where is this original image from? just curious.