I love this little drawing, perhaps because this man looks like such a happy and friendly sort; I can almost hear him chatting away! I believe it likely dates to the late 19th century or so, and would guess the frame is about that old as well. The hook at the top is not quite aligned with the drawing, but there is second hanger sewn onto the back of the frame from which it can be hung and turned straight-- or just prop it up somewhere!
Great condition, with just light wear to the round, dark wood frame. 5 1/8" in diameter; 3/4" deep.