This is a cardboard puzzle-type frame containing 8 double-sided Christmas holiday decorations with holes to insert strings.
Featured in Santa's toy workshop, the following ornaments can be punched out and put on a tree: a doll, a rocking horse, a tricycle, a sailboat, a rocket, a plane, a kite, and an elf.
The puzzle was manufactured by The Rainbow Works and has a copyright date of 1980.
The frame measures 14 1/2" tall and 11 3/8" wide.
There is some bending of a couple of corners on the frame, but these ornaments would make a fun activity for kids.
The original shrink-wrap is still around the puzzle although there is some tearing. Otherwise, it is in great pre-owned unused condition.