I have made similar looking critters out of wood and made them into money banks. The "belly" of the horse was covered with a plexiglass window and a slot cut out on the back (top) of the horse for insertion of coins.
toy = juguete :) Felt Stick Horse Tutorial [I believe children need rocking horses but have made my share of hobby horses when needed. Never used felt, boot socks as far as I recall. Anyway, these look pretty snazzy, don't you think?