Based upon the envelope and it's "Best's Studio, Inc. Yosemite National Park" lettering, the photo and accompanying packet date circa 1937-1939.

'Best's Studio,' was founded by Harry Best in the Summer of 1902, first in a tent, and then operated out of a building in Yosemite Village, and was taken over by Ansel Adams and his wife Virginia in the 1920's. It was well known by tourists and park visitors as a gallery where Yosemite photos could be purchased.

This is an unsigned silver gelatin photograph by Ansel Adams of Half Dome and the Merced River. This is potentially a unique image from other Half Dome/Merced River Prints by Adams as the angle of the photograph slightly deviates from other known examples. Research of the size indicates it is likely from a negative made in the area of Adam's well known Sentinel Bridge Winter scene photo. With the foliage in this photo nearly identical to the Winter scene photo, which was taken in 1938, this increasingly backs the case of this being a photo taken between 1937 and 1939. Because there is no record of this exact print in the Ansel Adams database of Yosemite images it is entirely possible that this image is from one of the negatives lost in Adam's darkroom fire of 1938. 

11" x 9.25" envelope/packet dimensions. 11" x 9" matting dimensions. 7" x 5" photo dimensions

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Good. Silvering to the left and right side areas of the photo. Wrinkle diagonally of upper left corner of matte