There is a clue to the silhouettes history to the reverse, which would be interesting to pursue further, which is ‘Lord B’ to the upper right corner. The reverse is partially covered in 1889 newspaper article.
The traditional method of creating silhouette portrait is to cut them from lightweight black cardboard, and mount them on a pale background. This was the work of specialist artists, often working out of booths at fairs or markets. There was a distinct impact impact of neoclassicism on silhouette art in the late eighteenth century and then when the Regency period arrived, a focus on fashion, ageing and identity. Then shortly afterwards in the 1830s and 40s, the silhouette became more of a portrait and conversation piece. This particular silhouette covers fashion and identity certainly and would surely have proved a conversation piece.
This work has a beautiful balance to it, something about its composition is just so very right.