Thelma Todd as a cowgirl, a photo that must have been made for NEVADA ( 1927 ), a Paramount production made early in her career.
From the Ebay seller's description:
"The photo is a rare "keybook" example issued by the studio. Keybook photos were usually made to serve as an in-house reference for the studio's producers, directors, editors and other personnel. They were complied in a binder and hence they have their natural studio punched holes on the edge. In addition, this beautiful photo is a studio linen-backed specimen that has been nicely preserved over the years with minimum fraying of the edges. A fine antique photograph from the Golden Age of Hollywood ! ...... Welcome to one of the largest and most diverse collection of vintage Hollywood photographs in the world! A large portion of our movie photos were headed to the studio furnace but were saved by Irving Claw owner of the Movie-Star-News collection.. Back in the day after a movie premiered and finished its run at the theater the materials used to promote the movie would simply be destroyed, so we surely owe a lot of thanks to Mr Claw.. "
The owner of "Movie Star News" was Irving Klaw, a well-known photographer who took many famous photos of Bettie Page.