Hi-
Scanned below is what appears to be a very similar piece. I always assumed that this was a cutout from a yearbook pasted into a vintage frame (could have been done in the 1890s or the 1970s). Like yours, mine is falling apart. I prchased it for a dollar at a flea market in MA. a year or two ago.
Alan Elefson
aelefson@hotmail.com