This vintage ghost picture is actually a postcard. It was produced in the 1800s and was tinted with color.

The ghost postcard picture was created through use of lengthened exposure. It is not a real ghost, but was simply created by having the person seated remain still. The ghostly figure of a lady was added by having another woman walk into view and remaining still for a shorter period of time than the woman seated; then, she leaves the scene. Her image appears to be see-through, because the camera also has to see the area behind her for part of the exposure. These types of vintage ghost pictures were very popular during the rise of the Spiritualist Movement and quite common during the first World War. You can learn more about this at, Spirit Photography.