Here's what Gorp has to say:
"The Old Lady of the Mountain (a.k.a. the Watcher): From a small clearing at the south end of Profile Lake, look to Eagle Cliff, a part of Mt. Lafayette. On the right side of the highest pan of the mountain is the profile of the Old Lady, or the Watcher, as she is called. She is facing east and has her head bent as if watching for strangers or perhaps visitors. She is the smallest profile in the Notch and can best be seen in the afternoon."
I have seen exactly 1.5 zillion old postcards of the Watcher/Old Woman (not to be confused with Mt. Mansfield's Old Woman), both linen and real photo, primarily from the '20s through '40s. This profile dropped in popularity in the later 1900s but may rise again given the Old Man's demise. Ya never know.