[Victrix]

Yes I know VW which the Germans pronounciate “folksvagen.” In this case it looks like it could be a superimposed V and a latin U which looks like a W? Otherwise the latter U seems to be missing. The picture of the painting shows that they used the “-ich” spelling in Latin at least until late 19thC when they introduced the C letters with umlauts like ć, č and what have you in a standardized local language. Not a linguist here so could be wrong.