Cy Young panel
Got it! It's a cutout from a 1908 Red Sox pop-out/foldout postcard. There is a picture of the postcard with the Young on page 15 of VCBC #3 (September 1995). The hole in the center of the left side is where a ribbon held the panels closed. According to the VCBC article, the postcard was made by H.N. Dickerman, and an example sold in the 1991 Sotheby's Copeland auction for $4,400.
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