The stuff you have mentioned is very fascinating and interesting for many collectors. I am not familiar with the value of the card you have put here, but I think you have a unique reminder from someone’s glory days long ago in the West! Some of the good folks over at True West may be able to help you out. They are very familiar about this sort of thing, and they also can spot a counterfeit. I'm looking for some great dansko professional is there anyone who could help me with that?

Can you post the picture?

Some of the good folks over at True West may be able to help. They are very knowledgeable about this sort of thing, and they also can spot a fake.(which there are a lot of)

anyhoo, here is the url for them:

http://truewest.ning.com/

This is most likely a souvenir made for one or more of the soldiers in the photo. Just like today, enterprising opportunists loved to separate soldiers and their money. A photographer likely encountered this group of soldiers riding into a settlement or fort with the dead cowboy in tow and generously offered to capture the occasion for them, for a fair and reasonable price, I'm sure...

As for the young cowboy, he was likely accused of, or observed committing a crime and was dealt with accordingly. Perhaps horse theft, murder, or some other crime. It is also quite possible that he was a victim of nothing more than being in the wrong place at the wrong time, guilty of nothing more than matching a general description of a wanted man. The fact of the matter is, most written reports (if any still exist) are lost in a dusty archive somewhere. Depending upon where you acquired this item, you may start with the local historical society and work your way out from there. You could also explore the service records of those from the area in which this card was found to determine if you could identify someone from the area who may be in the picture.

This stuff is so fascinating to explore, who knows what you may discover? Does the card provide the name/location of the photographer who made it? This tidbit of information may help steer your course of exploration as well. I am not familiar with the value of the card you have, but I think you have a unique keepsake from someones glory days long ago in the West!