Overall it appears correct for 1985
But it has a strange feel to it
can't say I'm familiar with the ending extra loop, but it does resemble older signed cheques when she signed as Madonna Ciccone
I'm leaning towards authentic here Joe
Interesting example indeed.
If you have a look my Madonnas in my profile, they are both from 1985
I asked Kamran about this one. He did no say flat out it was a fake although he said it looked strange. That's enough for me to stay away. With an asking price of $899 it should be a dead ringer.