Victorian overpainted portrait photograph

I'm looking to identify the medium of this small English (I believe) portrait. I think that it is hand colored photography and not simply a painted portrait. It is on a cut panel that retains half a royal license for either the panel supplier, the photographer, or the studio but not enough remains for me to get any info from it. It appears to be paper affixed to card stock or artist board.
I suspect that it's a photo due to the "studio" look to the pedestal her arm rests on, (it's brocade pattern also seems to under-lie the wash of green paint), and the somewhat brutal realism of the face (forgive me ma'am). I have little luck finding comparable painted photos. The paint on this isn't a watercolor, transparent tinting, but a thicker, more opaque probably oil based treatment that covers the entire field.It is crazed in some areas and flaking off in others. Is this possibly a painted calotype or albumen photograph?