I hate to disagree, but I believe it's plastic or celluloid. I can see the "pour" lines around the elephant. Here's a few exactly like it for sale on ebay. Cool find!
http://www.ebay.com/itm/Vintage-Elep...-/370529836737
http://www.ebay.com/itm/VINTAGE-CELL...#ht_1078wt_973