It's probably a lot older than that, because it's usually simple things that stand the test of time. Like Chess: it's a simple game but with an infinite number of possible outcomes. Punch and Judy is the same thing: the plot, the action, and ultimately the appeal of it is limited only by the puppeteer's imagination given the constraints of the genre. Ultimately, you only have two hands, and how you (sometimes literally) juggle the different characters, play with storylines, and get the audience to participate by imagining the various off-stage actions and venues is what makes this art form unique. The minimalism actually gives the puppeteer more room to express his own creativity and also lends itself to improvisation based on the audience's reactions. As such, it's perfectly suited for casual public places like beaches, fairs, and amusement parks.
