The basic letterforms looks like Serpentine without the tiny serifs

http://www.myfonts.com/fonts/linotype/serpentine/medium-oblique/testdrive.html?s=new+york+style&p=60

Yes, agree, and heavily modified .

Serpentine without serifs would be 'FF Trademarker'..
But its still ( very ) different than the provided sample..

Maybe the serifs of Serpentine just went missing when producing / embroidering it.?

I think David's right � a lot of detail can get lost in printing, depends on the technology. Those serpentine serifs are pretty subtle to begin with.

Tiffany, nice ID.. ( Strange but true, I never even noticed that a Serpentine Sans existed, at all.. )

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