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Permutation: The act of changing the arrangement of a given number of elements.
One font, two different brick combinations.
Picking any two bricks from the 211 available gives a total possible combinations of 22155 (211C2) different fonts. Counting a certain kinds of bricks as one--all four 45degree, for instance--gives 36 unique bricks, resulting in 2211 (67C2) unique combinations or fonts.
In this font, if the bricks are swapped with each other, the result will be a different font. Hence order of the bricks matter. In which case, nCr (combinations) is not the right choice. What's needed is nPr (permutations). 211P2 gives 44310 permutations and a 67P2 gives 4422 permutations.
So, at a minimum, 4422 fonts are possible with the current implementation of FontStruct, with just this particular layout of bricks.
—Updated May 6, 2013
This new version is not strictly a permutation of the previous set. This B set uses one brick for the background and three, sometimes four, bricks for the letters. Let's see what new permutations are possible out of this one.