This Fender Guitar ambigram is a medium length asymmetric ambigram that is a good example of the letters in one orientation flipping over to become different letters in another orientation.
As you can see from the preview, ambigrams really are ambi-guous depending on how you read them. This design can be read as 'Fender' one way and can be read as 'Guitar' the other way.
For a mental work-out, try to read it upside-down without rotating it (you can mouse over it at any time to make it spin).
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Jason Moore, Chicago, IL