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"Excel Movie Products was also in the 16mm game, by releasing several silent, abridged 3 Stooges and Andy Clyde shorts in 50, 100, 150 and 200 ft editions. These home movie versions were marketed for Excel's toy projector sets. Most of these films were given new titles such as HISS AND MAKE UP (featuring footage from a currently lost Andy Clyde short TWO LOCAL YOKELS) and HUNGRY THREE (which contained footage from The 3 Stooges short HALF-SHOT SHOOTERS). " (From http://theshortsdepartment.webs.com/historicaloverview.htm)
Earlier in the article I quoted above, it states that these films were being produced in the 1940s, so that is the estimated time frame for this piece. The cardboard cover has some fraying and soiling, and one side is more faded and frayed than the other. The 16mm reel of film seems to be in good shape. I did not unroll it the entire way, but I don't see anything that looks like the film is irregularly rolled up because it broke and was taped together. My guess is that a lot of these little items were played an time or two and that was it -- I'm not sure that running those toy projectors was as simple as one might have hoped.
A great collectible item!