Now, this is pure conjecture, but I'm guessing this item is like the old-fashioned penny arcade machines, where you put a cartridge in there that has photos pasted around a central axle, and when you turn the crank, persistence of motion does the rest! Kind of like the flip-it cartoons in some Big Little Books.
Here's the AHI (Azrak-Hamway International) Dracula action figure. Despite licensing the Universal monsters, this doesn't look much like Lugosi, does it? I suppose an argument could be made for it resembling Lon Chaney Jr, sans mustache.
As I've said before, this line was produced to compete with Mego's 8" action figures, and apparently came out before Mego did their Mad Monster line.
Aurora produced a number of different Dracula model kits... this artwork is from the "Monster Scenes" version that you may recall seeing comic book-styled ads for (I believe that the Vampirella kit was part of this line).
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