Below is an image of a 1932 diploma from the high school where I teach. It's a design that was used by many schools around the country.
Is it possible that GULF HIGH SCHOOL is misspelled, that the "c" after the "S" is really an "r"? I see that in some Blackletter fonts, lowercase "c" and "r" do look a lot alike, but I can't find that exact font on the Internet.
If you do an image search for 1932 high school diploma, you'll see lots of diplomas with the same design and the same possible error if it is an error. Thank you!https://www.flickr.com/photos/ghs1922/24709005845/