What font do you reckon this is?

I need a font like this for a project I am working on. Any ideas what font this is?

Also how do I construct the rectangle with the corners taken off the edges?

Have you tried What the Font? The simplest way I can think of to do inward rounded corners would be to create a circle and snap it to the corner of a plain rectangle repeat for the other 3 corners and either slice or intersect the circles from the rectangle.

The font looks like some kind of Garamond except the 'R'.

The frame is easy to create: Put circles in each corner and subtract.

Attachment 86656

Many half-decent serif Roman fonts with the right kerning should suffice, even Times:

Attachment 86658