PORKY'S HARE HUNT
According to the cartoon's copyright date in the opening title card, this cartoon begin production in 1937, but was released in theaters on April 30, 1938.
This is a 1967 original production cel used to redraw and color the black and white 1938 animated short release "Porky's Hare Hunt". 
The 1967 color redrawn version was only newly discovered in archives in 2021.
This is considered the first prototype of Bugs Bunny with the voice of the rabbit by Mel Blanc and directed by Ben "Bugs" Hardaway.
The rabbit would get redrafted in a model sheet in 1939 and Tex Avery was brought in to direct the updated rabbit "Bugs Bunny".
"Bugs Bunny" was named at the request of Mel Blanc in 1939 due to Ben "Bugs" Hardaway's earlier work. Tex Avery directed what was considered the first modern look for Bugs Bunny in "A Wild Hare" featuring another hunting scene with Elmer Fudd this time.
 
The cel has been cut to a 6 1/2" x 7 1/4".
Many of the cels never survived or destroyed. This is the only 1968 Bugs Prototype cels I have ever seen myself. The background is a rough printout from the internet for showcasing purposes only.
 
-Porky's Hare Hunt-
 
Several rabbits are eating carrots and ruining crops. A playful, energetic rabbit warns them to evacuate. Soon, Porky and his dog meet him and try to outwit Bugs in the forest. Porky and the rabbit get in a long, long fight, and soon the hare thinks he has won. Porky finds him, however, and he doesn't have any brainstorms to protect him. The rabbit shows Porky a photo of himself and of how many children he has with his wife.

While Porky attempts to shoot down and procure the rabbit, he befalls to an inundation of quick-witted gags as the rabbit asks Porky: "Do you have a hunting license?" As Porky reaches for his pocket to obtain the document within sight of the hyper-hare, he suddenly snatches it out of Porky's grasp, rips it in two and remarks: "Well, you haven't got one now!" and makes a getaway by twisting his ears as though they were a helicopter propeller and flies away. Ultimately, the rabbit wins, with Porky ending up in the hospital from injuries sustained in the ill-fated attempt to catch his game.