SharePoint 2007: Enable (Enhanced Rich Text ) Font Format Toolbar in Blog Site - TechNet Articles - United States (English) - TechNet Wiki

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I have recently found issue in which Font toolbar was missing after server migration.
For troubleshooting:

Check following settings on Blog site
Go to "Post > List settings"
Under "Columns" option you will get "Body column" which is "Multiple lines of text"
Click on Body name, it will show you "Body column's settings"
Under "Additional column settings" find for "Specify the type of text to allow"
Right now it must be with "Plain text" so change it to "Enhanced Rich Text" which will give you toolbar back.

"Enhanced Rich Text" option is enabled by default