I love a miracle of toning, and don't think it gets much better than this. And the cut paper work a 1925 gift from Grand-ma! (certainly exercising paper cutting skills acquired in her youth.)  I'd be inclined to frame these side by side as shown in first photo, with the lattice-like cutting and the toned paper (its original bright red-pink on reverse) both full of dynamism and embodiments of the passage time. (But the paper cut in front of the painterly--almost Rothko-esque--pink paper is pretty good too.) 

 Toned pink paper 10 3/8" x 6 7/8". Cut paper 8 1/8" x 4". Both in very good condition.