Magnificho (or Magnifico) is the old name by which Pantalone is recognized.
We have here a hair depleted Pantalone with one of his conquests: the Petegola (Tattler), otherwise known as a Rufiana (Pimp).
She is just one of the several, sex/love experiences of the old guy, which usually end up badly. He tries, nevertheless.
Nothing special about this representation, more like a Carnival disguise, and teasing attitude.
