Mike,
The date is an estimate based on player/team dates. Frank Ward had them as ca. 1912. The range is based on who was with what team.
- Lew Richie was with the Cubs 1910 to 1913.
- Buck Herzog was with the Giants 1908-09, '11-'13, and '16-'17.
- Bris Lord was with the As 1905-07 and 1910-12.
Certainly any player could have been shown with a former team, but based on this data I'd say that the best guess is 1911 or 1912.
As to these being cut from a larger piece, maybe a pennant, the material feels like that's a possibility, but I'm not aware of any larger pieces with an image like these.
Bill