The conversion from ink to thread may have affected the shape.
It might not be a font, but a set of embroidery designs, such as one of these:

Some font candidates:
Varsity (Broderbund) and Collegiate or Rah Rah (anon); -All would all need the outline removed and be condensed)
Freshman (William Boyd), CollegiateFLF & CollegeFLF-Black (Casady & Green) - would need to be condensed)

There are a lot more that don't have the serif on the middle top stroke of the W.

- Herb