Those guns were made from anything available, but FWIW, I think that one was intended as a firearm, not one of the tourist souvenir dummy guns sold in North Africa and the Middle East. The shape of the stock depended on the area of origin; I think that is from the Morocco area, but will defer to anyone more expert than I. It is (IMHO) not of high dollar value, but its value as a gift cannot be measured in money.
(An interesting commentary: http://www.kipling.org.uk/poems_arith.htm
. Of course, Americans are also on "the frontier" and AK-47's and IEDs have replaced the jezail and tulwar, but the whole thing sounds all too familiar.)