This is the King from the German Fairy-Tale WorldPEZ Paper Costume set, circa early 1970s. The complete set of 8 die-cut costumes includes the Caveman, Cowboy, German, Giant, King, Knight, Maharajah, and Pirate. The front of the costume is the fur trimmed King's robe with a square cutout at the neck for the top of the stem, and another at the base below the character's feet for the bottom of the stem. The horizontal PEZ logo reads from bottom to top up the back of the dispenser when folded up and the colored tabs overlap. These are incredibly hard to find intact and untorn!
