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.
FINALLY SOMEONE DID IT NEWT REMINDS ME OF THE DOCTOR SO MUCH. Think about it he's a British guy running around a big city with a box that's bigger on the inside. He also has a knowledge of a large array of mythical creatures or 'aliens'. Not to mention a magic stick or 'screwdriver' and some companions.