[KyleGoetz]

The last character looks like it has as its radical 冫 or 氵.

Also, yeah, I guess that ゑ is actually a 黒. I was thinking the first character was maybe an old character for 黒, with the ゑ being an archaic pronunciation of い as an adjectival affix.

But then, where would the "above" be?

Thus, I agree it's a 黒, not a ゑ.

That darn first character, though...