Antique Santa Paperweight

I picked this item up at a sale about 20 years ago for $5. It is about 3 inches tall and is very heavy for its' size. It appears to have quite a bit of the original paint.

I have never seen another one, but I have found a few items that are stylistically similar on Ebay. The paint was applied pretty much the same on all the items. According to the notes on the other items, this item is iron filled with lead. I am guessing the age to be from the late 1800's.