Este design de capa é tirado de uma das capas sugeridas por Tolkien para o livro, proposta (mas rejeitada) para a impressão original:
Eu não sei se o próprio Tolkien comentou sobre isso, mas as fontes críticas mais respeitáveis concordam que é um Nazgûl:
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Humphrey Carpenter, em The Letters of J.R.R. Tolkien (ênfase minha):
Orthanc is shown as a black tower, three-homed (as seen in Pictures no. 27), and with the sign of the White Hand beside it; Minas Morgul is a white tower, with a thin waning moon above it, in reference to its original name. Minas Ithil, the Tower of the Rising Moon (The Fellowship of the Ring p. 257). Between the two towers a Nazgûl flies.
The Letters of J.R.R. Tolkien Notes 143
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Wayne Hammond e Christina Scull em J.R.R. Tolkien: Artista & Illustrator :
Tolkien's final rendering of his The Two Towers dust jacket1 is a moody painting in black, red, white, and grey on grey-brown paper, with sharp contrasts of dark and light. He simplified the composition of [his previous version], omitting one of the Nazgûl, the staff and the key upon Orthanc, and the single ring, but added further symbolic details.
J.R.R. Tolkien: Artist & Illustrator Chapter 5: "The Lord of the Rings"
1 Refere-se à primeira imagem postada nesta resposta