What Were They For?

These are mostly one-inch long and mostly unglazed, with a few at nearly one and a half inches and glazed. They look like little children, are solid porcelain (Bisque?), and are nude figures as their back-ends show. They seem to be hand-painted. One has a red V on his chest, seen in photo four.

From what I gather of the note written on the old trade-card, these were meant to hang, which explains the ribbon around many of their necks. I avoided showing the almost grotesque look of that. The trade card's company I found references to in about 1920.

What were these little figures for? Luck? Warding off spirits? I couldn't read all of the card as it is in several pieces, which now rest in as plastic holder.