It is a gorgeous creamy toasted marshmallow color. The Letter is a commercial industrial salvage item. It does POP, it is not just a flat letter.
In the U.S., most outdoor signs made between 1890 and and 1950 were constructed of a base of heavy rolled iron, which was die cut into the desired shape, then coated with layers of colored powdered glass and fired in a kiln. This process made them durable and weather-resistant. Signs made this way were known as porcelain enamel signs or simply enamel signs.
Signs were later made of tin and other materials and painted with enamel paint. More of these types of signs remain, but they are often rusted, scratched and distressed. After WWII, “enamel” signs were simply enamel paint on a metal, usually tin, base.