Such a lovely and painstakingly crafted little thing, which I'd call a love token and which is also an envelope, with the pinwheel side opening out such that a little note, or lock of hair, or tiny portrait, or wedding ring(!) might be enclosed and delivered with great flourish. The blue ink ribbon-like detailing so carefully drawn along the edges of each flap of the opening side is pure perfection to me, and then this wonderful little watercolor with quiver of feathered arrows crossed with flaming torch, wrapped in a garland of roses. If ever there were a thing to call a token of love, I'd say this was it. And it's an early one, c. 1830s or so, I believe.
3 5/8" x 3 1/2" and in very good condition.