This one may have been a real font... 100+ years ago. My clue is the attention paid to curves and fillets. However, it has the earmark (angled, straightened curves) of a woodcut font, a popular medium for "display" fonts, that is, intended for headlines and signage. Wooden fonts didn't survive very many trips through the press. Stress points would crack and eventually chunks of the ink surface would break off. I even wonder if that is what happened to the 'R', it was a repair after the serif broke off the right leg.
If you find a font designer with a penchant for accurate reproductions of 19th Century woodcut fonts, this might be in the mix. But the likelihood of a complete, specific reference alphabet making it past usage is pretty slim.
