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Lefton/Fraley - American Spirit "Liberty/Lincoln"
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American Spirit - "Liberty/Lincoln"

This series is a sub-series of the Tobin Fraley "Great American Carousel Collection", though the coin on the bases doesn't identify them as such (but the original box and certificate do).  The Fraley signature on these pieces is also not readily apparent, as it's inscribed into the piece rather than being applied along with the name of the piece on its belly.  The signature (if legible) is normally found on the inside of one of the back legs.   

This piece came with different base configurations - a music-box base and a brass clawfoot base. The piece is large, about 13" to the top of the pole. The coin inset into the base shows the total run of this piece to be 3500 for the brass clawfoot base, 2000 for the music-box base. The horse has American and Confederate flags, and a portrait of Lincoln. It is also accented lightly with 24kt gold.

The average price of this piece when new was $125-$200.

Tobin Fraley - Great American Carousel Collection (Lefton)