Mark B. Ledenbach's vintage Halloween collectibles blog.

Dennison Halloween Lady Clown with Owl in Front of Full Moon Die-Cut 1920s

This seldom-seen design of a woman in an extravagant ruffled collar with an addled owl behind was first made available to the public in 1923. It was sold in two forms: a slide box of 6 cut-outs with a stock number of H-94 and a slide box of 20 seals with a stock number of H-656. They weren't sold for more than two seasons. I was able to find a box of cut-outs for the collection only ~2 years ago and have not yet located the box of seals. I feel the starting price is quite reasonable.