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Initials16th Century. From an album of excised initials (original source unknown).
Many 16th century initials featured human (and sometimes not so human) figures in the background. Two examples of so-called historized initials are shown here. The one at the top shows rather static, posed characters, while the one of the bottom has a rather exhuberant naked figure very much in harmony with his (her?) luxuriant background.
16th Century | Cary Collection