Thank You for all the suggestions / observations. I continued my searches focusing on USA, no luck. I think it must be USA made given Santa Clause (USA style), Cowboys and Indians. For now back on the shelf. I think at some point I will accidentally find out who made.
Nick, you commented:
I don’t think its from any of the toy steam makers… they are all tin, this looks cast?
I was not sure what you were referring too. Here is a photo in my cabinet with cast items, Jensen, Wilesco, and some unidentified. Did Marklin have cast machine tools?
Gen
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I meant I have never seen a cast carousel, I have several from the 20’s - 30’s but they are all tin and quite flimsy