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!
I love that this fine seller included a photo of the 1920s German hangers she has in her collection. She is selling the owl with black accordion paper. I have never seen the JOL and the Brownie before. I once had a small collection of these but found them too challenging to display. (Anything part of the collection must be displayed - a primary rule for me.)