This is a carnival prize by PMSCompany. It's an inflatable wacky over-size hammer / mallet. (sometimes these squeek or jingle when 'hit') The whole thing is squishy. It has a checkered handle, classic logo, 1 ring and the new-classic pose for the Sonic art. You can win this at various fairs in England, so be sure to look in the booths for this prize! This is likely an item from 2012 / 2013.