This is a nice specimen of the rare '50s diecast toy Ferrari Grand Prix model car by Renwal.
Size: length ca. 23 cm (9 inches). width ca. 9,5 cm (3 3/4 inches).
The bottom plate reads:
Renwal USA
Ferrari Racer
true scale replica
(Italian)
unchallenged in Grand Prix racing
That's correct: this charming toy model depicts the Ferrari 500 F2, with which Ferrari and champion driver Ascari clinched the Grand Prix world title in both 1952 and 1953.