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Authentic Meiji period original, c.1899, Japanese erotic art shunga woodblock print crepe picture by Terazaki Kogyo (1866-1919).  From his famous series, Izumo no chigiri (Pledge of Izumo).  Shunga picture measures 25.5 cm x 19 cm.  Very good colors and impressions.  Condition is very good with just some light wear, one pinhole, faint album centre fold.  No backing.  Please see and judge from photos. 
 
This is considered the Meiji Period iconic shunga piece, much like Hokusai's Octopus-themed shunga artwork, Dream of a Fisherman's Wife is to the Edo Period shunga genre.  
 
"A Meiji era masterpiece featuring a young couple wearing the latest fashion making love while standing in shallow water."  excerpt from p.472 in Shunga, Sex and Pleasure in Japanese Art by the British Museum ( Timothy Clark & C. Andrew Gerstle)