Japan Celluloid Cracker Jack Charm - Santa Claus with Original String

From the 1930s or so, here's a Made in Japan (hallmarked) celluloid charm of Santa Claus.  Possibly a Cracker Jack or just a plain gumball charm. Size is 1-3/16" high x 1/2" wide.  Condition is very nice with thick color to the charm however on either side, there is some roughness. I guess I would describe it as a burst bubble of either paint of plastic but I just don't know what it is. Doesn't interfere with the design of the Santa.  vintage Christmas is getting so hard to find!