Hi Scott,

Thank you for contacting Mearto with your appraisal inquiry.
This is from the tradition of Spencerian calligraphic drawings (if you Google Spencerian drawing you'll see more examples and when the tradition started, etc) that were made by schoolchildren in American and the UK who were learning penmanship and calligraphy. Ones that are signed and dated are worth more; this appears to be of generally fair condition of modest value. It is larger than most
Based on the photos and information provided, and subject to examination, this is:

American or English School
Second half 19th Century
Large Spencerian Calligraphic Drawing of a Horse
pen and ink on stock paper
sheet 23 by 18 inches, unframed
CONDITION: generally sound; client attests this is in need of a cleaning
PROVENANCE: acquired at an East Coast garage sale
$150-200*
*represents a fair-market value for auction purposes; retail or asking price may vary.

Please let us know if you have additional items to appraise, and thank you again for using Mearto.