Hard to Read, but Beautiful

I recently noticed this lettering on the front of a family portrait folder:


I was enamored of the way it looks, but wasn't sure what it said until we checked the back of the photo inside. The photographer's name was Charles H. Tipple, so those first letters are CHT. I would never have figured that out. I thought it was G. Hipple, in fact.

The other thing I notice about this is how the paper has been pressed smooth around the letters. You can't tell from the photo, but the letters are raised, and one would assume they were debossed, but when you check the back of the sheet, there's no evidence of the letter shapes denting into the paper. So I assume it's some kind of thermographic process, but then I don't know why they would need to have pressed the paper the way it is. Maybe it's actually engraving rather than printing? I'm not sure.