I’’d guess the Eastern Star here refers to the fraternal order of the Eastern Star—established as a Masonic appendant body in 1850 and operating across some 20 countries today—and perhaps this served a sign at some masonic gathering, designating where the Eastern Stars were meant to assemble. I just love the evocativeness of the phrase though, perfectly rendered in black stenciled lettering against the perfect yellow painted ground, which makes me think of suns and moons and stars everywhere, and also the idea that one might choose a star of the East (as well as a star of the West, etc.) to award it to like a trophy! (I.e. “You are my Eastern Star”!)

12 x 4“ x 1/2” painted on plywood. There is a rough patch/surface splitting  at center top but once hung barely noticeable. Hanger on the back.