This is a rare tin litho noisemaker, made by an unknown manufacturer during the late 1920s. The graphics are great. The handle and the noise making mechanism are rendered rather primitively. The first time I saw one I immediately bought it for the collection. The ornateness of the disks contrasted with the plainness of the handle caused me to wonder if it was incomplete. However, during the last two-plus decades I've seen this 3-4 times. They all have the strangely plain handle and guts, so one should bid on this with confidence. It is actually in very nice condition.
10/22 Update: This sold for the stratospheric price of $442, well in excess of SGV of $275.