I've certainly bought and sold a good number of antique perforated/punch paper embroideries, but this is the first piece of paper "lacework" I've had, which was created by very carefully cutting away from a large piece of perforated paper to form the shape of a cross and complex interior pattern including many dozens more (tiny) crosses.  Rather miraculous, really! Most examples of these I've found seem to date to the 1870s, so I presume this one does too, and I believe the somewhat shiny black paper ground is original to it. Sold as found in an antique adirondack frame with wood backing, where I believe it has lived for a long time. 

Framed as found, under glass: 9 1/8" x 7 3/4". Sight: 5 1/16" x 3 7/8". Good condition, with losses of flourishes to three of the four corners of the frame, which I don't miss a bit.