It is because I converted the text to curves. It appeared fine as text in VCarve but I did not try to carve the letter. When you want to integrate with other vector drawings, it needs to be converted.
WillAdams, Any chance you have a link to purchase the commercial version?
I believe it was this set which was redrawn:
https://www.myfonts.com/fonts/lanston/ltc-goudy-initials/
EDIT: Yep, by Miranda Roth: https://p22.com/family-Goudy_Initials
Gosh Guy I hope you don’t think of your projects like your “children”. 