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Have not spotted this yet, but a simlar ampersand is found in ITC Bauhaus http://www.identifont.com/find?font=ITC+Bauhaus&q=Go a 1928 design by Herbert Bayer in 1925.
Thanks Don. I have never had this much difficulty identifying a font!
The ampersand looks like it's taken from Clearface Gothic Light
/Y could be custom lettering based on /V
For the rest letters the best I can find is Cosmos BQ (Light) by Berthold (probably a bit manually compressed)
Cosmos Light by Berthold is a good find Fivos.
Here are some more fonts with similar ampersands to the lettering Cleancut, Dexterous, Priori Sans, and Ahmed -- which is the same as Clearface Gothic but also includes an outline version.
[This was edited to correct an error]
Today's trivia. Clearface Gothic is a Morris Fuller Benton design dating from 1910. The "reverse seven" ampersand is not shown as part of the font in specimen books that I have seen before the ATF specimen book of 1923. In my opinion creation of the "reverse seven" ampersand design probably dates to somewhere between 1910 and 1923.
Thank you Fivos! I think you are right on the money. So helpful, very appreciated!