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!
Dennison's odd creation they called the Gobolink first appeared in their 1925 Bogie Book as a boxed set of six. Dennison never counted the example on the package as part of the contents, so this set is incomplete.
Dennison inexplicably called these running creatures Gobolinks. They made their first appearance in Dennison's 1925 Bogie Book.
03/31 Update: The buyer got a real bargain at $78.00, considering singly, these often sell for $15-20.