This is an interesting item. The art was almost certainly derived from Dennison’s Gobolink cut-out, which they released in 1925. Although Dennison provided some financial assistance in capitalizing the C.A. Reed Corporation during the 1920s, this item is the first tangible result of the arm’s length relationship between the two firms I’ve seen. There are subtle differences, most notably the extra buttons to better hold in this version’s slightly more-swelled belly!
Mark B. Ledenbach's vintage Halloween collectibles blog.