It is a navy blue and yellow deflated (but inflatable) children's' bounce balloon. It appears to be a heavy yellow rubber balloon with an overlaid blue stencil of very old depictions of Walt Disney characters Mickey Mouse, Goofy, and Donald Duck. The balloon shows the Mickey Mouse Club logo. Based on family recollections and the apparent age of the depictions, I estimate the item is about 80 years old. It's in good condition for its age, though since it's deflated, there is some wear on the "ribs" of the deflated balloon. There's also some slight "bleeding" of the navy blue color onto the yellow rubber. It is somewhat soiled. Otherwise it appears to be in good shape.

From the tip of the inflation tube to the tip of the rubber handle is 19 inches. The deflated balloon is 7 inches long. I don't know how large the balloon would be if inflated.