It's the interior nameplate for Goblin Magazine from the run published in 1929. Goblin was a humor magazine published in Canada in the 1920s. It really has no RPG or OSR relevance other than the name (hopefully that's enough to seem relevant here).
My first thought upon seeing it was, "This would be a pretty cool title (and type treatment) for a microgame... if there wasn't already a microgame named Goblin."
My second thought was, "That kind of looks like the type that Rick Griffin did for those Grateful Dead posters in the late 60s and early 70s."
I suppose that if someone wants to start a zine named "Goblin," I might be persuaded to clean up the original image and convert it to a vector file.