Only speaking as someone whose father was a photographer at a newspaper - I am not a photo expert at all - but I have many of my dad's photos from over the years that were published, and they are mounted exactly the same way as the one you've shown. The ones I have are even the same size as yours.
In my dad's case they were mounted for entry into various photo contests that the paper or he would submit them to, and also just for his own portfolio. My dad's are from the late 60's, early 70's so they would be of a similar era.
Cool photo by the way!
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