Wow! If it's authentic, it is definitely NOT "folk-junk". Even if it is a repro it is cute enough to have value. A couple of things I can see that look very promising-
Take a close look at those slotted screw heads. If I'm not mistaken, yours are a teensy bit off-center, which would indicate that they are individually slotted, old screws. Check out the one at the rider's knee. That one looks way off, which is very good.
The wear on the edges looks good also. Look at the fibers of the mane and tail. These should be cotton, probably from a mop. You should see no shiny fibers like polyester. Although I am feeling like these should look a little dirtier than they do if they are as old as the rest of it looks, especially considering the wear on the rest of it. It is possible that these were added later.
Is that leather connecting the moving parts on the bottom/inside? You should see some wear and age on that. It's also a sign of potential age.
I think if you're not sure what you've got, you might want to take it to a local antiques appraiser and get their take on it. Those screws are lookin' mighty authentic to me, even though finding this kind of toy seems almost too good to be true.