I bought this off of Ebay recently and was actually surprised that no one else was after it. I suspected a South American connection and sure enough after a bit of internet search, I identified this as an Argentinian officer cadet.

You can just make out the Phrygian cap which is a central part of this wappen. Post card size with nothing written on the reverse.

You can just make out the Phrygian cap which is a central part of this wappen. Post card size with nothing written on the reverse.