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Thats a WW1 recruiting poster judging from the helmet and mustache style.
The first thing I thought of when I saw the poster was a German aggressor based on the helmut, mustache and spelling on the club.
I did not see a derogatory image. At least not towards black people.
I also find fault with the derogatory argument in that you are comparing an image that is almost 100 years old with modern sensitivities as well as taking it out of context. While certain images and phrases are strictly taboo today, such things were accepted at that time and in that particular culture. You can use it as an example of how it was different then, but thats about it.
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