This is a desirable and hard-to-find noisemaker. It was made by T. Cohn in the later 1920s. As I write in the third edition: "This unusual noisemaker has attached wood balls painted like eyes, as well as the original cardboard ears, giving it a truly finished look. This is one of the earliest T. Cohn items in the collection." Sustainable guide value is $165 with a RSI number of 2.
03/06 Update: Bidding resulted in a very strong result of $252.49, well above sustainable guide value. Most of the activity above guide value seems to have been driven by two determined bidders.