The paper on the back of the frame suggests that it's been professionally framed in the fairly recent past. So someone clearly thought that it was worth the expense of having that done - custom framing isn't cheap! The frame itself is modern. See that little triangle clip holding in the picture? That's a modern innovation. I don't think it's a photograph, colored antique photos rarely look that good. It may be a print or a painting. Try examining it with a strong magnifying glass and see if you can make out tiny dots (a print) or brush strokes (a painting).
I'd say, if it brings you pleasure, it's definitely worth keeping.