This is a Sebastian Miniatures figurine from the Washington Irving series. From his Legend of Sleepy Hollow, it depicts Brom Bones with a sheet over his head and a pumpkin under his arm, pretending to be the legendary decapitated horseman.
This figurine was original designed and released in 1949, as SML-142. This particular one was released from 1981 to 1983 as a special issue for members of the Sebastian Miniatures Collector's Society. Only 6,610 were issued during that period. It measures 3.75" tall. It no longer has any original box.
There seems to be some slight wear on the white sheet.