Caslon Italic with Swashes by Freda Sack.
EDIT: Not Letraset but ATF (thanks to Florians comment)
Caslon Italic with Swashes is correct, but it’s not Letraset’s adaptation for dry transfer lettering, as that version wasn’t released until 1981.
It’s ATF’s original Caslon Oldstyle Italic No. 471/540 with swashes, or probably a phototype adaptation thereof.
Here’s a bigger image.
The italic sans-serif caps are from Univers (green) and News Gothic (black).