It's called a "Punch Box" and it's a great alternative to a pinata. (Four-year-olds with big sticks can be a little scary sometimes.) Instead of beating on a pinata with a stick, each child punches through one of the pretty colored circles in order to grab the prize inside.
Kids punch recipe PARTY PUNCH FOR CHILDREN 1 can frozen lemonade, 1 box frozen sliced strawberries, 1 can Hawaiian punch juice or Tropical Juice, well chilled, add partially frozen gingerale, Add ring of pineapple chunks and frozen strawberries can be added for a special touch.
Cardboard Knight's Shield. A perfect use for all those Cardboard Boxes!