This is the only item in my Mario collection that I can't find ANY information about, and I'd like to find out whether it's worth anything. I have found similar items on Google, but none are quite the same as this one. It's miscolored outfit suggests that it was a promotional item for Super Mario Bros. 1 or 2, as these colors are seen until the third installation of the series.
My grandmother has had it for as long as she can remember. I believe it was purchased in Boston but not entirely sure. Nobody so far has been able to tell me the proper name or where it came from. Anything really.
You wind it at the top and the whole thing spins around for 2 or 3 minutes. The centrifugal force causes the hanging arms to move upward. There are 3 bells at the top that drag along a ridged line causing the bells to make noise. Also a small bird (parrot likely) in the very middle spins around as well.