This vintage Snow White celluloid baby rattle dates from circa 1938. No copyright markings. Measures 8.5" x 1.5". Ring attached at bottom of handle. Because it is hand-painted, variations in coloring are found. Made in Italy.
The rattle is listed (along with a Bashful) on page 841 of Hake's Official Price Guide to Disney Collectibles, 2nd edition, 2007.
Also see other vintage Snow White celluloid rattles produced in Italy and the US.