Not an expert in no stretch of my imagination, but it does look good to me.
Double sided porcelain sign. The pattern below the tail of the gargoyle looks correct, lines are separated not all run together. Hard to see but it looks as if the "red stripe" runs through the word "GARGOYLE". The area where the ring enclosed the edge of the sign, looks correct. Not exaggerated but shows some wear. Chips are not bad and the sign doesn't have excess rust.
Chris, if I could afford it, I would consider adding it to my small sign collection. But, I could be wrong.
Is this a sign in your "neck of the woods"? Might ask roadrelics what he thinks, as he deals with hundreds of more signs each year than I will in my collecting.
Looking for Tide Water/ Tide Water-Associated/ Tidewater items