I probably should have pegged this post to Halloween... but I forgot. Ooops. This is the Marvel-produced MIDNIGHT SONS (sexist!) HERO CAPS (aka Pogs) set (basically a sheet of thick, punch-out, card) from circa 1992.
Hero Caps were meant to be the next great, card-based, collectable to capitalise on the boom in trading card collecting. They are a great example of how even rabid fans, hyped-up by the likes of WIZARD, will still reject a dumb idea.
MIDNIGHT SONS (don't ask me to name all the characters) was a BLADE-inspired sub-set of Marvel supernatural characters that flourished during the boom period. During that time, any book that looked remotely popular would spawn as many spin-offs as the market could accommodate (plus the obligatory spin-offs, guest-shots and premium-format one-shots) and THEN Marvel would clone them into new (but awfully similar) characters to stretch the basic idea even further. Supporting cast members could also be relied upon to be spun-out into their own book.
Follow the HERO CAPS link below to see the BIG GUNS set... featuring DEATH'S HEAD II.