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Image (thanks to Jaggs Journeys). You can see that the W is an upside-down M (most likely an M was accidentally ordered instead of a W)

I don't know much about Luna Park Auckland but I have found this article: The forgotten history of Auckland’s first amusement park | The Spinoff The coaster that wrapped around the park like Scenic Railway was called "Big Dipper". There were also things like dodgems, live shows etc. located in the park. It was based on Luna Park Melbourne it seems, which was of interest of businessmen in Auckland. It had many troubles including two fires and a man falling out of the Big Dipper. To get more people to come to the park, the park offered free admission with the only source of revenue being on food etc. Then the Great Depression happened and people stopped visiting due to them having less income, so the park closed in 1931 and some rides were moved to Sydney.

It's quite curious they've picked a font with such small counters and identical M's & W's. 🤷🏻‍♂️ They're two completely different typefaces.

This is the W in the ground yesterday before it was lifted into place. It does indeed look like an upside M, but I don’t think I’d a mistake, I think it’s just the style of font they went with