The sombreros assure us that these are portrayals of Mexicans, but the slanted eyes on the bookends suggest they were painted by an artist who had no familiarity with the peoples of Mexico.
Our guess is that they were made in China or Japan for the carnival give-away market during the 1930s. In the 1930s the Californio / Mexican Revival figures were very much a part of popular design and culture. These bookends are colorful and represent the period of time between wars when Mexican culture was fancifully depicted. The clothes are flowing, the man is in a tie similar to a Mariachi costume. The instrument looks like a guitar with a fiddle scroll. The woman’s dress has a sweetheart neckline. She wears the large earrings and necklace associated with Taxco artists and she holds a decorated pot.
Fortunately, their sombreros are not pulled down over their faces like we frequently see in images from the USA.