This is a stamp by the “Beaches” branch of the Toronto Public Library which represents a stark contrast between the “policy of library stamps” in different library systems. The stamp is placed on the outside of the repective book, so you could read it “from above”. This is common in different library systems, e.g. in canada. Probably every canadian library does it this way. In other countries, libraries would never do that, e.g. Germany or Siwitzerland (or, if they do, it is a rare exception).