My wife's uncle was a junk man and was always watching for gifts for relatives. She thinks he brought it over. I always assumed it was just cheap rather than old. Maybe a little of both.
We bought a new Schwinn training wheel bike 35 or so years ago, the shop owner said it was an investment because our grandkids could be riding it if we took good care of it. They are. I wish that guy was still around to show it to him.