When I read "perforated" I think needlepoint, pre 1910 (Victorian era). May have been a needlepoint pattern, the cross-hatching in the fence, and the awkward "NY" may also be indicators. My mother was a seamstress, seemingly all of these items were on very thin paper stock... I used to get in trouble for handling patterns roughly. Just a thought.

http://en.wikipedia.org/wiki/Perforated_paper