Found in an estate liquidation on Madeira Island Portugal, that of a retired Antiques Dealer.
Pressed in a Family bible, a small antique hand painted watercolor of a mountainous pastoral scene with animals, a shepherd and some buildings.
Well done in pleasing colors, it has a signature as illustrated, only the letters "XVX" in the right facing corner.
It was executed on a sturdy card that had been tipped to a lighter weight paper.
No tears or stains, it measures 7 3/4 inches across and 6 1/2 inches tall.
I inserted a standard size playing card in one photo as a reference for size.
There was nothing to identify the region or country , however, the landscape is not unlike parts of Madeira Island Portugal.
MUCH OBLIGED