This is a Keystone Shooting Battleship Model #207 that is 16″ long. This ship remained unchanged for several years after it lost the brass rails and metal flag in 1939. The model number did change, however in 1942, from model #215 to model # 207. So with the box you can better date the production of a specific example. You will notice that the projectile has a flat brass tip, it is in backwards for viewing purposes. These were common with this ship but less much less common with other ships.
From my private collection.