I think it looks like a 'beefed-up' and somewhat customized version of Schneidler Initials (a.k.a. Shango)

I would say this is some variant of Koch Antiqua, either a font or custom art based on the font. Other names: Eva, Kuenstler 165.

I like your choice better Mark. That's pretty close.

The weird thing is that in the bolder weights of Koch Antiqua (and its clones), the design changes quite a bit. So there are weights that are closer to the weight in the sample, but with the wrong detailing. It makes me think there is an alternate version of Koch Antiqua, perhaps under a different name. Maybe something from an old photo display font, for instance. Then again, maybe they just took a bold weight and modified it to look more like the light weight. That seems the most likely explanation to me, the more I think about it.