Paper Ringtoss toys were popular around the turn of the century. The object was to swing the ring into the air and then catch the it on the nose as often as possible, within an allotted time period.
Children actually got quite a bit of enjoyment out of playing with these. Of course, that was in the days before Twitter, Facebook, "Dancing With The Stars" and other modern-day distractions. I acquired an original version of one of these awhile ago.
Cut out the pieces and glue the left-side image to a piece of stiff poster-board. Cut it out of the poster-board and then apply the right-side image to the other side. This way, poster-board is sandwiched between the two images which gives the toy some stiffness. Follow the same procedure for the ring. Next, attach one end of a 12 inch piece of sewing thread to the ring, and the other end to the lip of the clown. You can staple the string, or you can make a small hole and tie it through the hole. That's it!