The copperplate was not part of any of the early collections or sales and is probably not anymore in existence.

It seems that the rider is a soldier with a spear in his right hand, but Hinterding suggested that it may also be a hunter giving the fact that the spear is three-pointed. It is clear that the horse stands on the edge of a hill, as the smaller person seems to be descending to the plain.

As is the case for many other etchings, Rembrandt may have been inspired by Antonio Tempesta (1555-1630) of whom Rembrandt owned a large number of prints.

There is a similar drawing in reverse (Benesch 151) and a study of horsemen (Benesch 360 verso), both in the Boijmans van Beuningen. Both are dated in 1636-37, some years later than the etching.

There is an anonymous copy in reverse, with a monogram (85 x 54 mm, not listed in NH).

The plate is not by Rembrandt according to Singer.

Most authors list one state only, New Hollstein and Nowell-Usticke two, both contemporary.
In the 1^st state (NH, R403-404, NU) the plate is uneven, inky plate edges, square corners. The bottom edge of the plate dips down to the right.
In the 2^nd state (NH, NU) the corners are rounded, the edges evened, making the plate slightly smaller, mainly visible lower right. In later impressions the scratches at left are no longer visible.

H 99, BB 32-6, G 138, M 4, Mz 254, RA 403-404, Cl 138, W 139, Bl 106, Du 137, CD 73
Hinterding 2008, p. 279-280;

New Hollstein: 2nd and final state/White-Boon: only state
A good, probably somewhat later print. Many fox spots.
Sheet 85/84 x 59/60, narrow margins of 2 mm at both sides, 3 mm at top and bottom (+9%).
No watermark. Horizontal chain lines at approx. 26 mm.

Rembrandt in Zwart-Wit, Westfries Museum (Hoorn), March 2013-July 2013;