Ring the other one

Any help with the derivation of "Ring the other one it's got bells on". Anything to do with the women's fashion of wearing bells in their garters during the Twenties & Thirties?

From Eric Partridge, Dictionary of Catch Phrases: American and British, from the Sixteenth Century to the Present Day:

"'pull the other one, it's got bells on it!', occ. prec. by 'now'. 'A rejoinder to a fanciful statement or a tall story. "We don't believe it. Pull the other leg, it has bells on it"' (Granville, 1969).
Frank Shaw attributed it to the 1920s. . . .
Presumably from pictures of court jesters, wearing cap and bells."