This is called 'A Fully Cut Fairy Tale' (c1864, The Met), as per the inscription by its creator, Hans Christian Andersen, who was a superb paper-cutter. While entertaining listeners with stories, he would cut out a sheet of paper and delight his audience with a magical final reveal. This sheet was folded three times and contains masks, pierrots, ballet dancers, and swans. As well as whole scenes like this, he also created many whimsical or strange single figures; the Hans Christian Andersen Museum in Odense has the largest collection of his paper art.