You are looking at an identified REWARD OF MERIT CARD that was given to CLARENCE M. LIBBEY from M.S.L.C.A. which I believe stands for Massachusetts Society for the prevention of cruelty to animals.
The card is in nice shape and you can easily read the names, however, at one point in time it looks like it was in a scrapbook because the back is completely unreadable (see scans).
I did some research on this card and I was able to find another one just like it and this is what I found out about it.
This card was designed by John Henry Bufford who was a LITHOGRAPHER in 19th-century BOSTON, MASS.
He lived from 1810-1870, after his death his sons carried on his business. Apparently the back of the card was printed with a verse on top of LANDSEER'S picture "WAITING FOR MASTER" and the card was issued by the MASSACHUSETTS SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS.
If you look in the lower left hand corner you can see the words BUFFORD BOSTON & NEW YORK.
I found a few CLARENCE LIBBEY/LIBBY'S but I only found 1 CLARENCE M. LIBBEY and that information is below:
CLARENCE M. LIBBEY, born Oct. 21, 1882, EPSOM, NH., died june 11, 1940, ALLENTOWN, NH.
It is not clear if this card was given to the above CLARENCE M. LIBBEY, I suppose the only way to figure it out is if a relative knew that he was active with the MASSACHUSSETS S.P.C.A. or had some idea why the M.S.P.C.A would present him with the REWARD OF MERIT.
NOTE: I do not believe that the above CLARENCE M. LIBBEY ever married.