Yes, engraved on the front. When stack up I do like the slight spacing between the depth of the engraving and the blue blacking. The lettering and artwork “floats” slightly above the background creating a bit of depth effect and casting a shadow “down there” on the blue background.
On the other hand you might prefer the finished, glossy look of a solid front–if so, flip the art and engrave the back instead. Up to you.