Hobbyhorse

Definition and stakes

James French Dorrance,  The long arm of the Mounted (1926)

“ And just remember that the number of those miles is large, considering that my first hobbyhorse was a wall-eyed pinto cow pony, and that I practiced roping animals by tossing strings around the kitchen cat as soon as I could tie a knot."
"But I mean—what's the description of the horse?"
"He's a silver-gray stallion, probably a half-blood, but as beautiful a cross as you'll find in the prairie provinces," answered the widow, who knew horseflesh with that accuracy which most young women reserve for the latest fashions.
"And what have we heard about a silver stallion in the past year?"
”
Source: Gutenberg

P. H. Ditchfield,  Old English Sports, Pastimes and Customs

“ The hobby-horse careered about, pranced and curveted, [pg 047] to the great amusement of the company. The morris-dancers are adorned with bells, which jingle merrily as they dance. But a formidable-looking dragon approaches, which hisses and flaps his wings, and looks very fierce, making the hobby-horse kick and rear frantically. When the animals have wearied themselves, the maidens dance again, and the archers set up their targets on the lower end of the green, where a close contest ensues, and after many shots the victor is crowned with a laurel wreath. ”
Source: Gutenberg

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