I first encountered this type of illustration while reading the Wall Street Journal during my days studying at Pratt Institute in New York. Back then I had no idea what it was called or how it was done.

From Wikipedia:

Hedcut is a style of drawing, primarily of people, pioneered and used by The Wall Street Journal. The drawings are traditionally 18 by 31 Picas (3″ by 5.167″), and use the stipple method of many small dots to create an image. They are designed to emulate the look of woodcuts from old-style newspapers, and engravings on certificates and currency. The phonetic spelling of “hed” may be based on newspapers’ use of the term “hed” for “headline.”

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