This unusual piece is a Sterling Silver Frame with Sarah Ferguson’s, Princess of York, note etched into the top of the frame in Sarah’s handwriting to her friend, Beverly. 
Note reads:
Beverly, A friend is the truest gift of all. Thank you. Sarah 1996
Bottom of the frame features the Princess’ Royal Mark. 
 
Sarah Ferguson was married, July 23, 1986, to Queen Elizabeth’s second son, Prince Andrew. Picture features Sarah hugging her daughters: Princess Beatrice born 1988 and Princess Eugenie born 1990. 
 
Frame is very sturdy with some tarnishing and a few scratches. Side of frame has manufacturer’s marks. Back of frame is well preserved navy velvet with easel back. Still has original label from the frame manufacturer on front of glass that says: 
Sterling Silver  - Manufactured by Mappin & Webb
Mappin & Webb 
Measures: 14”h x 10.5”w  x ½” deep frame with easel back open measure 5 ½” deep
 
Condition: good, frame has some scratches and tarnishing
Sorry cannot verify if it is truly a piece that Sarah gave to her friend Beverly.