Due to its rusted condition I wouldn't advocate making this part of a vintage collection, but I did want to post that this is one of the hardest tin litho noisemakers to acquire. I was lucky enough to buy the one in my collection in the late 1980s when I didn't really know much. I found it at a local show, buying it even though I thought it was incomplete because of its odd construction. The first big wave of tin litho noisemakers made expressly for Halloween came along in 1928, the year I feel this was made. Primitive, the manufacturers quickly perfected their processes turning out finished goods that had more of a retail feel to them. My theory is that this noisemaker style was made for one season and probably didn't sell well. In perfect condition, these tend to go for $225-325. One hasn't surfaced in a public sale for several years.
04/24 Update: I am quite surprised that this rare item fetched only $37. The buyer got a steal, even considering the rough condition.