I am more or less certain this is European, early 19th century or so I believe. I love the lion, of course, with wonderfully winding and branching tail, and also really like it for having been worked in the round/from all sides, which I've rarely seen. With what appears to me a family of four figures facing the inverse direction (maybe a pet, too?), and a couple of flowering trees around the corner from them. The alphabet marches around in the same manner, complete, but with and extra "N" and maybe two stabs at the "M" too. And then, running below the lion (with what I presume is a slightly awkward crown on its head and key below its front foot) is what may be the name of the maker --looks like RV Finorod to me. (Perhaps instead a reference to place, the lion with crown being the Finnish coat of arms...?) Feels like there is more to unpack here than I am well versed to do, but just lovely and charming on its face, and of a nice small scale. 

 8 1/2" x 8 1/4", professionally framed by Haley & Steele, Newbury Street, Boston (historically a very high end framer serving Beacon Hill and Back Bay), frame c. 1940s, as found. Certainly some fading to the thread colors over time, but few if any losses at all that I can see, reads crisply and shows very nicely. Frame is gilded silver, showing through to red underpainting in a few spots, minor.