Great Article in the December '85 issue of Loose Change Magazine: "The original figures, numbering 92, were carved by Frank Polk for Harry Skelly's Character Manufacturing Company of Reno, Nevada beginining in January of 1950. The Polk line included Indians, miners, bandits and cowboys and a number of one-of-a-kinds. The last Polk figure was carved in 1952. Twelve of the 92 figures contained Pace machines; the balance were built around Mills "High Top" machines. Only 77 of the original Polk Figures still exist, mostly in the hands of collectors."
There was a re-issue done (1984- )by James Schafer's Western Collection, that was licensed by Frank Polk; I'm not sure how many were produced.
The re-issues were originally priced in the $4,800-$6,000 range - they would easily get over $10,000 at auction today. There have been instances of an original Frank Polk earning in excess of $100,000 at auction - so if you see one at a garage sale...