As sometimes happens, I had never found one of these old spinning toys until on a recent trip to Pennsylvania--where I found a pair, one with intersecting rings like this (that one a bit longer than this), and one with a spinning bird. Then last week at a shop near Brimfield, this one!  Hold it flag side down and the rings drop to that end, then turn it right side and they spin down, circling one another. Quite a joy. And feels an apt one to wave at both an Italian street festival and at Christmas! 

11 1/2" x 3". Good condition, great color, works as it should, sometimes requiring just a bit of a shake to get it going.