8X10 sepia of movie star Charles "Buddy" Rogers.
Paramount still ( Eugene Robert Richee, embossed lower right ) from 1927 "Wings" Best Picture ( first ever ).
Note the 'flyboy' scarf.
Inscribed, For Ruth My sincere best "Buddy" Rogers
Thumbtack impressions in all four corners.

Rogers received later fame as Mary Pickford's last husband.