A couple of things get me about this, and I maybe wrong is that a 70's release poster? or maybe 80's, as there is no way that is 1925... It's an unusual poster, but has no relation to Lon's Phantom bar his name being on it. Mel could do that with any poster on here.
Would I buy it, maybe but my top price would be £30, and I'm a huge fan of Lon Snr, and his version of the Phantom... Pennies is what it's worth.
Paul.
I have wondered about the date of this piece, too. Even the UNIVERSAL FILM font looks more modern, to me. The image used on it is actually a character briefly seen in the movie and is also described in the book, as well. It is the Rat Catcher, who first appears as a glowing, disembodied head. He warns Raoul and The Persian, Ledoux, to turn back and stop searching for the Phantom's lair, "..lest ye parish..."
Here's a screen grab from the film showing this image (although it was not shot in closeup, in the film:
Jeff