I have a suspicion, given the rather -- ahem -- rough and ready appearance of the letters, with inconsistent weights and spacing, that this may have been 'hand drawn' in something like Illustrator.
You could replicate something like it with any serif font that has a 'distressed' outline - Papyrus ships with most Macs, and Caslon Antique has a similarly battered appearance, although neither of the actual faces closely resembles this one.
Whatever you use, you'd still need to use Freehand or Illustrator to add the outline/inline to the basic text, and to punch out the spade shape from the 'O' ...