This ivory pax depicts The Deposition. In the middle the dead Christ is being taken from the cross by the bearded figure of Joseph of Arimathea in a short tunic.
Although the Crucifixion is the most common subject on ivory paxes (Koechlin lists eighteen examples), this is the only known Deposition.

A pax is a tablet or board, sometimes of silver, usually decorated with a Christian religious representation. A pax was used at the end of mass as part of the ‘Kiss of Peace’ ritual after the Angus Dei. First the priest would kiss the tablet, then the members of the congregation. England was precocious in introducing the pax, but references abound elsewhere from the beginning of the fourteenth century onwards. Paxes could be made from many materials, including wood, copper, silver and gold, as well as ivory.
The earliest, fourteenth-century, examples are invariably decorated with the Crucifixion, but the imagery rapidly diversified to take in other scenes connected with the Christ’s Passion and Sacrifice. By the fifteenth century the choice had expanded, with many scenes of the Virgin and Child.