This is one from a set of eight small diecuts Beistle issued in the 1950s, all lightly embossed. (This seller has two others from the set up on Ebay now.) The set is definitely idiosyncratic, as it contains this smoking JOL, a skull with what could be a checked racing cap, a disturbing clown face and a pirate black cat face among four other designs. Prices on diecuts from this set have strengthened quite a bit over the last two years. I wouldn't be surprised if this crests $50. To see the complete set, check out page 140.
04/16 Update: This ended about where I would have expected it to end: $52. The skull with checkered hat ended quite a bit higher than expected at nearly $71.