I presume done by a child named Dora long ago--the watercolored letters spelling out "A Merry Xmas" certainly seem so--but what a fantastically elegant frog (toad?)! And exactly the right green for the exactly right sized round lily pad, and then this lovely whisper of long stalk in hand. Transcendent! And with an unused back, making it a perfect xmas card-gift some 100+ years later.
5 7/16" x 3 7/16" and in good antique condition, light general wear and stains. British.