While silks are not technically ephemera, they were among the many premiums distributed by early 20th century tobacco companies. I don't actively collect tobacco silks, but they occasionally show up in trade card collections. This silk and the two that follow were distributed by Nebo and Zira cigarettes, early brands of the American Tobacco Company. They date to circa 1910. King Ferdinand was one of a set of 10 called Rulers of the Balkans and Italy.
Queen Ester and Queen Louisa were part of a set of 15 call Famous Queens.
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Tobacco silks came in a variety of sizes and were popular with collectors, who often sewed them into quilts. This quilt is from Fabrics.net, and similar tobacco quilts can be seen at that site, here. Also at Fabrics.net are smaller quilts, perhaps table covers or wall decorations, that were made from the colorful yellow ribbons that were used to tie up bundles of cigars.
My thanks to Fabrics.net..