The picture below shows a larger front and back view of this Old Head of The Merrimack River Franklin New Hampshire Real Photo Metal Badge. This is not dated but it is believed to be from the early 1900s. It may have been on the end of a ribbon pin at one time, such as a regatta, crew, or rowing team award ribbon. It has a real black & white photograph encased in an ornate metal frame with a rope looking edge. It is marked in the sky area of the photo as follows:
THE HEAD OF THE MERRIMACK
The real photo badge measures about 2'' x 2-3/16''. It appears to be in excellent condition as pictured.