Throw it in some apple cider vinegar and let it soak a few days. Pull it out and wire brush it some. Throw it back in and repeat. That will get the rust off and let you know if its real or a toy.
Based on it's condition, I wouldn't worry TOO much about any rounds in it if it is real but point it away from you and others when cleaning....just in case!
I'll try to get some better pictures when I get home in a few days.
My wife says it has weight, like a real gun, but they probably made them better back in the day.
No trigger guard. Kinda looks like a toy to me but you won't know till some corrosion comes off and you can see in the cylinder(Very carefully). Nice find.