I've done some looking around, but can't find another needlework quite like this one, executed in what appears to be silk thread, with wonderful herringbone pattern to the pale green ground and very fine (petit point) needlepoint for the leopard and stripe of green and gold earth below him. I believe European, and I believe quite old--it has the feeling of French tapestries to me. Perhaps made as the face of a pillow in a palace, I'm not certain, but quite fine, and very striking, and how not to love an elegantly stalking big cat?! 

Framed as found: 10 5/8" x 8 3/8". Sight: 8 1/2" x 6 1/4". Very good condition, no lost stitches at all that I see, just a bit of minor staining/toning to the green ground toward the right edge, pretty minor.