It looks to have been a pull toy that was made into a rocking horse, but I have seen others similar. The legs where it was put together look like cracks but they are not it is just where the seam is that it was made. There is a paint run on one of the back inside legs, it has a few dings and nicks as something like this would typically have.
One of the wood flaps have come up off the nail but could be hammered back in see last picture. Also when the handles were made they are a little off center with one out a little further than the other. The wheels look to be a cast iron.
It's in very good condition for its age. Please see all the pictures for more of a description as i try to describe everything as best as i can. The item "LARGE VINTAGE ANTIQUE WOODEN ROCKING CAROUSEL HORSE, REAL HAIR, LEATHER SADDLE" is in sale since Tuesday, July 10, 2018. This item is in the category "Toys & Hobbies\Classic Toys\Rocking Horses". The seller is "vintagemermaid4u27" and is located in Kingsport, Tennessee.This item can be shipped to United States.