This situation makes me laugh; it really cracks me up! The sign depicts two children playing on a teeter totter (aka, see saw). This is to alert drivers that there is a playground up ahead. As you can see in the photo below, there is no teeter totter in sight (there really is a park though, so they get some credit).Click image for larger view.
The sign is so old and outdated that I can't remember the last time I actually saw a teeter totter! I wonder if kids today would even know what this sign means. When I was little it was one of my favorite features of the school playground, but in the last 13 or so years they've totally disappeared. I think teeter totter is now synonymous with law suit. That is just so completely disappointing!