Hi Matteo! I believe this is lettering. Note that every letter is unique, especially apparent in the first ‘A’ and the ‘C’s. Check out this post for some similar typefaces. Further afield, you might also like Fritz Ehmcke’s other work. Dan Reynolds did a nice reinterpretation of Ehmcke-Rustika, for Fontstore called Rustic.
Found another image. I think every letter is indeed unique. The counters give it away when the shapes don't.