I've had a few of these old push button boxing toys in the shop, and love them so much I just can't pass them by. I believe this one was made by the Weston Toy Company in Weston, CT, which operated from 1859 to 1899, though there were several iterations of this so I am not 100% certain. When you press the button on at the center of the wooden base, the boxers lean in towards each other to butt heads, causing their arms to swing as well. I especially love how one of the faces (at right in first photo) looks to me a lot like Marcel Duchamp! 

It measures 4 3/4" long x 4 1/8" t x 1 1/8" d and in good condition. The push button at center wobbles left and right, but works just fine.