Metal carousel horses like this tend to date from the second quarter of the 20th Century, most were used on coin operated rides found in Department stores or in front of Grocery and Drug stores. Most carousel horses used on travelling carnivals were constructed of lighter metals such as spelter or aluminium, iron being too heavy to easily transport or set up.
Metal carousel horses like this one were made right into the 1950's, replaced with lighter fiberglass and resin types by the eary 1960's. Values for the metal versions and later fiberglass/plastic types tend to be modest compared to the earlier wooden examples. Values for them tend to be determined by size, the amount of detail in the casting and the condition of the paint. In the current market a comparable horse to this example would go at auction in the $200.00- $300.00 range.