…Schick is to blame!
The box, and the details of the razor, indicates to me that this is what today is referred to as a Schick Type E1. A steal at 2 US dollars, even if that today equals a little under 40 dollars. Given that the E-type razors still holds up – my E2 is from 1941 – and shaves great, I can see why Santa might get tempted to change his looks.