In all likelihood, this was produced by the Meyercord Company of Chicago. Before prohibition, Meyercord did a brisk business producing these types of signs for breweries big and small. But I suspect this one may have been made after Prohibition ended in 1933.
The earliest example I’ve seen of the Rahr’s using the phrase “The Talk of the Town” is from 1934. From that point until the brewery closed in 1956, the tag line was used in most Rahr’s advertising.
The sign was certainly meant to suggest an earlier era. The 17th Century clothing, wooden clogs, and wooden pails are there to evoke the sense of tradition that was always the Rahr’s stock in trade. I can tell you, there wasn’t anybody walking around in this kind of garb on Rahr Ave. when this sign was hanging around.
For more on Charles Rahr III along with a couple of the other prized signs in his collection, click THIS.