I have the exact same toy gun in "as new" condition. They were made to fire caps and with the corrosive nature of cap gun caps (usually mercury fulminate), firing even one cap seriously eroded the metal if it wasn't carefully cleaned and oiled after firing (and who does that with a toy?). The finish was a thin enamel, so it flaked/wore off easily. I have no idea when they were made but I would guess around the late 1980s, but it could be earlier or later for all I know.
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If it's made after 1918...it's a reproduction
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