Collectible version of the jumping peg effect, this one is fairly crudely made, but comes with original envelope, instructions.
Effect is a peg is placed in a hole on the paddle, shown to go through to the other side, then jumps to another hole. Repeat this a few times.
Guessing this is circa 1960's, but may be older. Because it is not precision made, this item is more for collectors, rather than performance.