That looks handlettered to me. The 2 'c's are different, as are the 'n's, 'h's and 'e's.
Could be based on something like Trieste
http://myfonts.us/td-0FT141 Thank you. The characters are the title of the story of Snow White of Meggendorfer. Probably are hand-drawn. The capital S of Meggendorfer was more beautiful than that of Trieste.
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