Antique Primitive Straw-Stuffed Toy Horse?

This item was handed down to a friend when she was little 1948-49. She said that her mother was the one to recover it in the black cloth (from an old dress) and that it was old when they received it. Underneath, the cloth is a fabric and burlap below that. I have not taken it apart far enough to make sure that there is straw below the burlap, but that is what it feels like. One of the back legs feels like it is broke high up. The stand has holes at both ends which I thought might mean that it had once sat on a set of rockers. The underneath of the stand (board), you can see older paint and where the wheels/axels? have been removed.

My questions are: Possible appraisal (worth$) and is this a primative (Handmade replica) or is it original and been recovered (any clues on how I can tell)?