The Germans made and exported several designs of these identically two-sided clappers during the 1920s. As I write on page 196, "All consist of heavily embossed diecuts stapled to both sides of a cardboard paddle. The diecuts for this line were finished in such a way as to make them appear distressed, giving rise to the often erroneous conclusion that the diecuts are in poor condition." Sustainable guide value for these clappers is $100, so this auction ended nearly right on the money.
Mark B. Ledenbach's vintage Halloween collectibles blog.