This toy was produced by the Hubley Manufacturing Co. in Lancaster PA after WWII and is based on the iconic WWII P-38 "Lockheed Lightning"  It is of die-cast metal construction and has a wingspan of about 12 inches, a length of 9 inches and with extended landing gear is about 2 inches high.  It is very detailed and is said to be a great rendition of the real thing. This is an early model as indicated by the paint scheme(aluminum-silver and red-orange) which is the most common. Later versions were produced with a camo scheme.

This toy would be an excellent candidate for restoration although it displays very well as it is. I acquired it in the late 1990's and it has been in my collection ever since.

Reference: Collecting Toys Identification and Value Guide, Editions #'s 8 (1997) and 11(2004), Wikipedia 

Please contact me if there are questions or you would like additional photos