I haven't seen this type of paper theater before. It's from the site of Ulla Norup Milbrath. Check out her site.
From her site:
Loving Toy Theatre's I find this Punch and Judy 'movable' mini theatre very intriguing! Found with an article on John Kilby Green it is believed to be a 'make it yourself' paper theatre, from about 1810. "The disc rotates freely, but the disc must protrude outside the booth to achieve the proportions shown in the picture. Using the original print, the disc measures 9cm across and the finished booth is less than 15cm high."