Looks to be early/mid 1900s era. The legs are like a form of bobble-head and create the illusion that he is walking when he's pushed forward. My parents found it in an old house they are rennovating. I would love to know if there's any background to it.
You might contact the National Museum of Toys and Miniatures. If you get an answer, please include their response here, if you would, for the interest of others.