A few things can be deduced from the four scans of this little match holder, I've owned this one for nearly 40 years and have looked at it many many times. Was the original owner the carver? Certainly important enough for the person's three initials carved in capitals + the two sides show us more specific details. The swan is the emblem for Western Australia, maybe this harks back to that region? The other side has the raised, edged strike area which tells us that the piece didn't start it's life with the two silver components (the top lid & shoulder and the strike at the base). Someone is sure to respond and tell us what nut was used. The two naive equestrian portraits are rather dreamy - but full of action; his is the bucking horse while her one shows a rider in action over a post and rail fence rather than a steeple, no use for a side saddle here!
What's the market value? One of Australia's best antique dealers (in smalls) is a friend from Perth, Carolyn Staveley - I should ask her and report back to the blog AND continue to show the other 29, promise.