The shapes seem a little on this side of awkward to be a typeface. Engravers Old English or Old English at myfonts are close, but not quite. The 'O' strikes me as being part of another character. But again, Butler might have a match for you.

The letters are actually "K U"
(as in Kansas University).
They've been made into a ligature.

you could re-draw it from Engravers Old or Caslon Text Series, same structure for Caps.

that's an o? looked like a u to me. wotever it is its looks bastardized, over and over again. Blackletter's with outlines?

That 'U' would look more like a 'U' (for me anyway) if the final vertical stroke were flopped thus visually leaving more of a 'U' shape.

Just thoughts.