This is a Sebastian Miniatures dealer plaque, featuring a figurine of Diedrich Knickerbocker, the fictional character created by Washington Irving, next to a plaque advertising Sebastian Miniatures. Plaques were sold to dealers to display in their stores from the first one (SML-168) in 1951.
This plaque is a variation of the original model (SML-168) issued in 1951, but featuring Diedrich Knickerbocker instead of a town crier. It is sometimes referred to as SML-168E. It was produced from 1982 to 1991 by the Lance Corporation, with production number 2274. It measures 4.75" tall. It no longer has any original box.