This small letter was used by several printers commissioned by Quentel in Cologne (this particular instance is from the book "De Diuinis Officiis, Libri Dvodecim" published by Birckmann, 1557). Since these books contained many similar initials with scenes from classical mythology, it is probably not a dance of death. Maybe the scythe indicates that it's Saturn eating his own children? There is a larger version of the same motive here: The Grim Reaper.
Tags for this image: Alphabet, Cologne