The King Arthur Carrousel in the middle of Fantasyland has one of the longest histories in the park. It was actually made in 1922, and it was used in a Canadian amusement park. Somehow or another it was discovered by Disneyland designers. The horses were refurbished and other parts were re-purposed. The carriages were taken and used as the train cars on the Casey, Jr. Circus Train.
The flag and tent style is also reminiscent of the older, medieval style of Fantasyland.