It's not known whether it's a ligature or a "letter" or sometimes one or the other. It's also not known whether the cap over some of the bench chars changes the letter although they both appear to behave in the same way, so there might not be a distinction.
There are some indications on the first page that it might be a ligature because at first (assuming the first page was the first page) it wasn't connected as smoothly and consistently as in later pages (I illustrated some examples here):
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We don't know what it stands for, but I described some of its behavioral characteristics here:
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The fact that it is sometimes cut in half suggests it MIGHT represent more than one character under some circumstances.
There are some indications on the first page that it might be a ligature because at first (assuming the first page was the first page) it wasn't connected as smoothly and consistently as in later pages (I illustrated some examples here):
You are not allowed to view links. Register or Login to view. (from 2013)
We don't know what it stands for, but I described some of its behavioral characteristics here:
You are not allowed to view links. Register or Login to view. (more recent)
The fact that it is sometimes cut in half suggests it MIGHT represent more than one character under some circumstances.