I love hand carved Carousels, and Cinderella's Golden Carousel is classified as PTC #46 (Philadelphia Toboggan Company, the number is the order in which it was built, meaning it was PTC's 46th carousel). It was built originally in 1917 for Palace Gardens in Detroit, MI, and then moved to Olympic Park in 1928. PTC was known at the time for making the best carousels that money could buy.
The Magic Kingdom version is greatly altered. Every other Carousel by PTC has atleast 2 chariots, PTC #46 originally had 4, these were removed to add more horses (increasing the number up to 90) to increase the capacity. I believe they also changed the legs on many of the horses, as most PTC's have a combination of jumpers (all legs in the air) and standers (all feet on the ground). Plus they painted all the horses white, most PTC horses are natural colored, brown, greys, spotted, etc)
Please don't take those comments wrong, there are very few PTC carousels still in working order, that are maintained as well as Disney's version, and none are as large, Disney's is a 5 row, which is HUGE. Sadly Carousel horses are usually more valuable as themselves then as an entire whole ride. Which is why there are so few left.
I am not at all suprised in the worth, in fact I would expect more. The horse you are referring to is the King/Lead horse, every Carousel has one. It's usually distiguished by being the most ornate, it will usually have the PTC shield on it somewhere, and sometimes the bottom of the foot will be marked with a #1. I am terrible at recognizing the lead horse, but from what you are saying it sounds correct.
Magic Kingdom's is a beautiful carousel and is an work of art in all the meaning that word has. Each horse at the time was hand carved (they later came out with carving machines but not at 1917) and many carving artists later went on to form their own carousel manufacturing companys.
For more information on the Magic Kingdom Carousel and carousels in general you can visit the National Carousel Association's website at
www.nca-usa.org
They have a census database there as well.
Jennifer