In this example the 'p' has a tail similar to the letter 'q' when hand written. However it might also be also be a 'j' or some other letter, and these puzzles can be read to provide what ever answer you seek! Notice that in the hand drawn picture Bessler has put the letter 'O' at each end instead of in the middle as in the first logo but this is not as good at providing the link to the two way wheel as the first logo does.
One more item. This a close up of the centre of the logo, and something that Bessler often used in placeof his signature.....
Very very interesting!