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fkwLike Dan said it has a good chance of being cut from the very rare 4-in-1 postcard, but both the W517 Mini and the Postcard images are the same size, and the stock is the same thickness. The differences in the postcard has a slightly smoother stock than the W517 Mini.
Both cards are often grouped together because it is so tough to tell them apart unless you have a large group and can compare then in your hand (not slabbed)
The only thing that makes me think this is a cut from postcard is Im not sure the W517 mini (from strip) is found in that deep dark red color.
here is the info I have from my mini webpage
"The Mini W517-2 cards were also originally sold in vertical strips, but also seen in a slightly smoother stock 4 photos per postcard size card similar to an Exhibit card, these are almost always found cut into individual cards as well. The rare postcards (3 different known) are listed in some catalogs as "1929" but there is proof they were issued ca.1931. There are 54 different cards in the W517-1 Large set, but only 15 different have been seen in the W517-2 Mini form (Cochrane, Collins, Critz, Donahue, Gehrig, Grove, Jackson, Judge, Kamm, Kelly, Miller, O'Doul, Shire, Vance, P.Waner)."
One of the 3 different very rare "W517 Mini Postcards"