A 7” x 4 ½” lace paper only applied to what was once the top of a valentine.  It is unidentified, but elaborate lace paper with gilt embellishment.  This is topped with an applied silk ribbon border and a center cartouche with embroidered silk roses captioned “To My Friend”.    The embroidered silk is probably by Rimmel or perhaps Stevens, makers of Stevengraphs.  This is surrounded by a hinged  ring of die-cut roses.   Lightly attached to construction paper –could be easily removed. C1860s.  Overall condition – excellent.