Mark B. Ledenbach's vintage Halloween collectibles blog.

Vintage Halloween Themed Mechanical Noisemaker Toy

This great siren noisemaker was made by T. Cohn during the 1950s. There aren't that many tin litho siren designs relative to clangers, ratchets and shakers, and this is arguably the best one. The form is compact, the design creatively takes advantage of the space available and the siren is LOUD! Generally, these have become silent over the decades, but the seller describes this as fully functional. Working examples come up rarely, and the seller started this at a reasonable price using the auction format. Sustainable guide value is $80. 

11/03 Update: I suspected this would bring strong dollars as it was in beautiful condition and described as fully functional. But the predominant factor is the ending price of $154.50 was that one hadn't been offered for awhile. With a cadre of impatient collectors these days, people want their collectibles now. If several were to surface within relatively close proximity to one another, the price would settle at its sustainable level of ~$80.