This is a neat 19th century marketing gimmick by the Winchester Repeating Arms Co. Measuring 6" x 9.5", it features a useable target on one side along with a listing of available Winchester model rifles and shotguns on the back. The way its folded, it appears this would have been placed in something small like a box of reloading tools...probably around the years 1895-1897. It features Winchester Models 1890 .22 caliber pump rifle, Model 1873, 1892, 1886, 1885 Hiwall, a deluxe 1887 shotgun, the 1893 shotgun, 1894 rifle, and the brand new model 1895.
The giveaway to the year mid-1890's... is the flatside Model 1895....only 5,000 units built from 1895-97. Also, note the calibers available for the 1895 as only 38-72, 40-72, and 30 US Army (aka 30-40 Krag). This pre-dates the debut of the Caliber .303 British in the Model 1895 which occurred sometime in 1898. Also notice the very short-lived Model 1893 shotgun...but no model 1897; its stronger smokeless powder successor. As you know, due to the danger posed by smokeless powder cartridges, most 1893's were returned to Winchester and destroyed in exchange for Model 1897s at the turn of the 20th century. Given the span of production of these two models and the availability of calibers, my guess is this target was printed in the year 1896.
Overall, very good condition with one small stain and some minor wear along the ends of the folds. This is a pretty scarce item that features a couple of scarce Winchester Models.