I love the cannon! I think it could be a little older, maybe into the 40's. It looks like a spring loaded plunger in the barrel, I wonder if it was a cork shooter? I looked online a bit and found no match does it have ant writing on it anywhere?
EDIT : found one! no real info other than dating it to the 40's
C. 1940'S WW2 ERA LARGE SPRING LOADED TOY CANNON
what did the cannon read up as? and the small round ring looking thing what is it? ive found 8 of them