Carousel Figures
IGI - PTC Armored Horse
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IGI-PTC Armored

Philadelphia Toboggan Company - Armored Horse

I have only seen these highly decorated/jeweled ones on rectangular brass bases.  Some of the bases show coins, and some do not.  If there is a coin, it will indicate the figure's run was 5000 total.

These pieces are retired, I'm pretty sure IGI isn't making any of them anymore.
 
I am not sure what this piece cost when new.

Carousels by IGI/Carousel Parade