It’s a mid-19th century photographic portrait, embedded in a piece of wood. The wood in turn has hinges on it. A colleague of mine has several of these, and as they are not currently attached to anything, is curious as to how the hinges might have functioned.
It’s just a portrait in a case. I’d date it to the late 1840s or early 1850s, with the caveat that I have a hard time dating men’s clothing from the mid-19th century, as it doesn’t show as much change as women’s clothing. It definitely looks pre-American Civil War to me, though.
The valuable ones would be of famous people or Civil War soldiers, in full dress, identifiable. Also, some of the cases can be quite valuable–most aren’t. I have a friend who has collected some of the cases which have embossed things(objects] such as the Monitor.