I bought this recently at a thrift store. It's tiny and delicate, the inner diameter is less than 3 in. At first I thought that it was an embroidered piece but after taking pictures and looking at them on bigger scale I realized that it's a very fine piece of lace made out of thin colored treads. All details are attached to each other with tiny knots. I thought the background to be a cardboard circle but in fact it is a circle of very fine felt. The frame is signed on the back and has a date - '90. So it's somebody's art and is 24 years old!
On the background you can see one sheet from my collection of women's craft and needlework attachments to popular magazine of 19th century.