I've always got an eye out for antique cut paper hearts and the like, but this is the first I've seen with arrows integrated into the design--four of them altogether, which are attached to the center of the heart via an old stick pin. The two hearts themselves are interwoven at along their centers, and them further animated with tiny pin prick decorations, meandering around their perimeters and it looks to me perhaps spelling out the initials RS at upper left.
2 7/8" x 2 3/8". Overall good condition, with one small lost to the end of one arrow's head and perhaps a bit of loss/tearing to the interlocking center just above the pin, minor. Found in Pennsylvania.