wooden handmade horse and jockey with weight (teeter totter toy maybe)

I found this little jokey and a horse with moveable wood parts (that I think are hand carved and painted) and just fell in love. I know nothing about it. I think it was a teeter totter toy of some sort and swang on a missing piece. Horse and jockey are moveable with a black rod and weight coming down about 12 inches. I think it must be a folk piece of some sort. Would love to know more or what piece I'm missing if anyone knows.