NEW CUT-AND-SEW FABRIC PANEL BY AMERICAN GREETINGS CORPORATION, SPRING MILLS INC.  1980.  PATTERN #5714. 

Two identical panels.  See photos for details.  Makes 8 ornaments with matching front and back pieces, or you could make 16 ornaments and use a solid color fabric for the backs. 

Panel is new vintage.  Comes from a pet-free and smoke-free home.

Thank you for looking and please email if you have any questions.