This font appears on several sources that have nothing in common, so i am sure that it is an existing font :

1- In the title on top of a page inside of a French book about the Monty Pythons published in 2010 :

The book is http://www.cherche-midi.com/theme/Le_grand_livre_des_Monty_Python-_MONTY... but the font doesn't appear on the cover.

2- On the cover of an album from the Scottish band “The Tannahill Weavers” “The Mermaid’s Song” released in 1992 :

http://www.theballadeers.com/scots/tw_d20_ms.htm
So the font is not a brand new creation.
Somebody posted on the wtf forum a cleaner sample of some letters from the title of this album but he deleted the arrows because he believed that they were a customisation of the font whereas they are certainly part of the font :

3- Someone posted a picture using the same font (without specifying its source) on the wtf forum but you must ignore the "A" that is obviously from another font and the "S" that is different from the scottish CD and was probably manually created by using the top of a “R” (the person that created this Argonauts title probably ignored the font and didn't have all the letters required) :

I first saw this font on the Monty Python book when I was shopping for Christmas and later I saw it again at the myfonts wtf forum but without identification :
http://new.myfonts.com/WhatTheFont/forum/case/338858/
http://new.myfonts.com/WhatTheFont/forum/case/81977/
http://new.myfonts.com/WhatTheFont/forum/case/352072/

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