I find this really wonderful. It is embossed card, like an early paper lace valentine, hand-painted in the perfect blue and green and golds, making me think of Giotto frescoes! With goddess-like blonde winged angel at left, two fingers raised (signifying the dual nature of Christ, as both human and divine) and the other hand grasping the chin of her cherub companion. White lilies to either side of them and border of yellow painted hearts against blue ground framing them inside the carved wooden frame. Paper lace communion cards/holy cards were fairly common in the mid to later 19th century, but this is a different than those, c. 1840s I would guess, and somewhat more akin to a reliquary of that period. I'd call it a holy love token!
As found, in original frame, under glass: 5 1/2" d. Sight: 3". One small loss to the interior edge of frame, lower right, minor. Original wire hook for hanging on reverse.