Chein produced this hard-to-find noisemaker during the 1920s, patterned directly after their party scene tambourine. There are subtle differences between the two aside from coloration. Because blue and yellow are not colors traditionally associated with Halloween, collectors sometime overlook this little gem. This particular one is in rough condition, so hold off for a better one. The seller may have found it in a box with a 1950s date, but this was produced ~25 years earlier.
Mark B. Ledenbach's vintage Halloween collectibles blog.