Sorry for the long delay in making and posting these images.
Above is a hollow cast iron or cast steel toy next to an actual .32 IJ safety hammerless revolver for comparison. The toy has no moving parts or maker's marks. The only remarkable aspect of the toy is that it was cast with the Owl Head grips for which Iver Johnson was famous.
The grip of the toy is not an exact Iver Johnson match. For example, there is no "IJ" flanking the grip screw hole. For this reason, I would suppose the toy was not made by Iver Johnson but by a toy maker without permission. I would guess the toy was made back in the days when the "Owl Head" was well known. Maybe prior to the introduction of the 3rd model.
Not being a toy collector I have nothing but guesses about the vintage of this toy and no idea of who made it. The toy tends to show how famous the Owl Head once was.