Well, it's about 30 years forward from mid-century...
The velvet knicker suit is a later Victorian style.
Mid-century, the trousers are a tad longer (below the knee to upper calf), and more full cut; velvet would be vanishingly rare, but wools would be bog-common. The jacket you might be thinking of is a "roundabout" jacket... loosely fitted in the body, or else snug-fitted (loose if no closures, more snug if button-front), and waist length. It may or may not have a self-fabric collar, and is usually worn with a white bodice or shirt that has its own collar, too, and that collar may be worn outside the coat.
