It is certainly not a Velo-Dog. A Velo-Dog revolver is one chambered for the Velo-Dog cartridge and that cylinder is much too short.
It is an inexpensive European vest pocket (or purse in this case) revolver, dating from c. 1880-c. 1914. Millions were made and sold in an era before European governments began to fear their people and effectively banned handguns except for the police and military (we all know how that worked out in Germany).
In the US today, that gun, because of its engraving and grips (real mother of pearl?) would likely bring around $300, maybe $400 with the gun purse.
Those purses were a common way for a woman to carry a small revolver, and bring nice prices today even without the gun.
Here is a pic of a gun purse I have and the S&W revolver that came with it.
Jim