This looks strikingly similar to a typeface in the Solotype Catalog (p.47) called Multiform No.1, which is an Art Nouveau style. My guess is that it's a hand-drawn font that was inspired by Multiform, but not copied from it. There are too many differences, but to me there are also undeniable similarities, like the B, C, L, E, R that look like the way someone would quickly draw these letters while looking at the typeface sample. The biggest departure is the A, which has a wide top serif in the typeface. Also this M leaves out the crossover of the center vertex, but otherwise the shape is right. It even has a slight curve in the diagonal of the N, though it leaves off the serif on the left vertex that is in the typeface.
I looked all over to find this at websites I thought might have it, but didn't find it. Because it is obviously hand-drawn, this could be a personal font. Such fonts are very cheap and easy to make.
- Mike Yanega