I suspect this is the earliest iteration of this unkempt witch design. I believe it is German. These early 1930s tambourines with the outer whitish circle are difficult to find. (I’ve seen two iterations - one with a yellow background and the other with an orange background.) Both iterations have dancing devils on the hat. There are some smaller noisemakers where the art is a bit more sophisticated and the devils have been replaced with a bat. I would expect this to fetch ~$300, but selling right now is a real crapshoot. Many dealers not familiar with the vintage Halloween market flood eBay with listings in October when the casual collector has already spent their annual decorating budget. Sometimes bargains abound.
10/09 Update: No softness to this ending price of $843!