This is a three mast Keystone Wood Toys clipper ship model #86 that 8″ x 2.5″ x 8″. It is variation of the two mast clipper ship #644 that came in a box. The sails are a stiff but pliable plastic. The ship is packaged in a polyethylene bag and appears in a 1957 Keystone Wood Toys catalog. This particular example is unplayed with but the masts are warped due to years of improper storage. You will see this sort of thing occasionally with NOS.
From my private collection.