"What you have there is a Chase-A-Bug lure, which was invented by Leo Krozaleski of Detroit, Michigan and patented on March 13, 1956. He then founded the Leon Tackle Company, also of Detroit, to manufacture it. It's a mechanical lure that, when the propellor turns upon retrieve, the mouth opens and closes as if to imitate a fish eating an insect. It may have caught some anglers (it was made for several years) but I'm fairly confident it was not a great fish catcher. It is very popular among collectors with Chase-A-Bugs new in the box selling for $200 or more. Your lure is in great condition and should be worth $75-$100. To see an example in the box and patent drawings, click here."