Looks like a drawn portrait
To me it looks like a hand-colorized and retouched photograph with hand-drawn enhancements and embellishments.
Looks like it could be a hand-tinted and touched up photo. With the black frame, could be an early post-war 'memorial' for a KIA, also looks like the swastika has been omitted on the eagle.. just a thought.
HPL2008 said it first!
thanks all for replays
It's almost certainly a hand retouched photo.