It makes sense that this was designed to be sewn onto a garment - I was wondering about the side strips.

I am stabilizing the deteriorating felt (could be horsehair) with a product called Fray-check which is used to stop fabric from fraying.

I'm also thinking I could tack (stitch by hand) it to a piece of muslin to further help the problem. Then possibly mount it in a shadow box. To keep it from sagging I'll have to attach it to a stiff backing. Any suggestions about the best way to preserve & display it?