Inix, your cowboy was made by the GREY IRON toy company and is marked as "#12 Cowboy" in their early catalogs. GREY IRON was the only toy soldier maker to use iron instead of tin alloy or lead. Made between 1933-1942ish, when WW2 demanded all of our metal resources for a while. Cheers, Sub
Very cool find.
I wouldn't do any restoration on it other than cleaning it up.
The condition shows it's age and if it was restored it would look like a modern repo.
I like it just the way it is...