This toy was spotted by Paul Woods on Flickr, and its owner, Rodrigo De Orduña, kindly gave permission to show it here, and described the plastic as possibly being bakelite. It doesn't have a rotor, nor a hole on top of the tail pod to fit one, so clearly this is meant to be a rocket ship.
(And to my amazement, Paul managed to persuade Rodrigo to sell this toy to him. Had I only known... :) But at least Paul could now supply the comparison below.)
3 1/4 in
1 11/16 in