My friend Julia of Basya Berkman Vintage Fashions learned through the grapevine about a woman with a stash of vintage clothing. This is one of the amazing items that Julia acquired.
The woman said that her mother had been a performer in her early life. It's likely that several of her vintage things, like this outfit, were costumes worn during her mother's career before her marriage. Her mother was most likely dancing in the 1920s. A real find!