This symbol is definitively a design done by Tolkien himself. I have found a page showing the evolution of Tolkien's monogram:
analesarda.metropoliglobal.com/tolkien/anagrama.html
I'm sorry it is in Spanish, but you can see there the different Tolkien signatures each of them with the date in which it was drawn.
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But it is said that not until that hour had such cold thoughts ruled Finrod; for indeed she whom he had loved was Amarië of the Vanyar, and she went not with him into exile.
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