Background information
Rocking horses were very popular in the 19th and early 20th century. In this period we see the rise of the middle classes, a group of people who were 'well off' as opposed to being extremely rich or extremely poor. They could afford to spend more on their children, so more expensive toys like the rocking horse became more common.
Why the rocking horse was invented is uncertain. Perhaps it was to help children learn to ride, or just to expend their energy without them running around the house. They did however enable children to imitate their elders, with the horse copying real modes of transport before the invention of the motorcar.
Hobby horses were the cheap alternative to the rocking horse. Made out of an old broom handle and a decorated cloth head, they were a popular alternative to the rocking horse in poorer households.