This charming toy squeezebox has a colorful lithograph of child musicians on the front and a plain blue cardboard back embossed “Made in Germany.” It has three metal buttons and each button plays two tones depending on whether air is being pulled in or pushed out. The handles are wood and the bellows is heavy paper. It works well but would be safer in the hands of a doll or a teddy bear than a little child.
This is early 20th century. Based on the clothing of the children in the lithograph, my guess is 1920s.
The little accordion measures 3.5 inches x 3 and 3/8th x approximately 3 deep when it sits in its relaxed position (please see photos).