Since the publication of Calo Collidi's The Adventures of Pinocchio in Italy in 1883, there have been many iterations of figures with very long noses! Based on others I have found, I think this one was made in Poland and dates to the late 40s or very early 50s, following the release of Walt Disney's Pinocchio in 1940. Made of wood and cloth, with a hand-painted face, his arms and legs (but not his head) move, allowing his to be positioned standing or sitting. Pretty cute, I think, and just oozing with a sprightly mischievousness!
He measures 7" tall x 4 1/2" wide at arms, and 2 1/2" deep. Good vintage condition, with a little darkening to the wood in a few spots, wear to the wood of his nose, and a bit of staining on his nude jumper and long hat!