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I have a set that looks just like this from when I was a kid. A bit worse for wear.
I should probably go dig it up and fix it now that I have the skills and can probably find replacement parts for the broken bits easy enough.
I remember there being a more toned down Christmas train version that I wanted but never got. From memory it was the same train just painted differently, more whites and reds and green.
I intend to pick up one or two of the better G scale Christmas trains this year after Christmas when they're all on special.