This is super-rare discovery, a huge box with one red and one blue mint toy inside. These are known as EPL 440 as indicated on the box art.
Was this a dealer box that contained many others? Or was this the box used for public sale? The box is huge, nearly 5 inches by 15.5 inches (with a 9 by 4 label) and one of the rarest of all Lehmann boxes found.
Both men are identical and came holding swords, not flags. One travels by gravity down a red pole, the other down a blue one. Each pole bears the small Lehmann logo as shown.
The earlier version of this toy shows the sailor holding a flag instead of a sword. Some had German flags, others had the flag of the UK for that market.
At some point the metal rod with slit for flag was replaced by the one-piece sword and the box art was crudely changed to delete the depiction of a flag. So this is believed to be the last version of this toy.