They were all hand cut in the early days so my money is on a professional hand cut. Identifying the picture might give you a better handle on it. This might help a little... https://www.oldpuzzles.com/examples-collection/1900-1930-hand-cut-puzzles
I'm on my phone and can't get anything to work in English, but there is a catawiki auction of the same image here https://veiling.catawiki.nl/kavels/3415251-vijftal-antieke-prints-van-de-haagse-post-1929 Found using Google reverse image search, natch.