Fun to find this one at an antique show in Concord, NH last weekend, and I know from the dealer that the collection it came from included other erotic treasures as well. On the exterior here, an advertising blotter for "Windowphanie" translucent glass decoration, which was folded in half to conceal a Victorian era print of a pyramidal orgy pasted against blue blotter ground. I love a secret pleasure like this, probably carried around inside a wallet, now feeling charmingly pure. And the more I consider this, the more I appreciate the double entendre of "phanie" too, making me think the maker of this was several times clever. 

Folded (as in first photo: 5 1/8" x 4 1/8". Open 9 1/2" x 4 1/8". Well worn, all to the good. Late 19th century I believe.