Then of course, there is the trademark, which is separate from copyright and has no expiration.
In 2007, Disney revamped the Disney Animation Studios logo to include a snippet ofSteamboat Willies Mickey.
The Mouse House being what it is (and rightly so), trademarked that logo.

Mickey Mouse in 1928’s ‘Steamboat WillieGetty Images; Everett Collection
Why waste your time playing Whac-a-Mole for legacy characters when you dont have to?
The Mickey Mouse of 95 years ago is almost irrelevant in todays market.
Most of these are novelties, a couple of days shelf life.

‘Steamboat Bill, Jr’
Jill Goldsmith contributed to this report.