This is a wooden yo-yo with one side blue and the other side red. It comes with the string in the picture that looks to be original.
At the time this model of yo-yo came out, Fli-Back was based in High Point, North Carolina. The company would eventually be sold in the late 60s to Ohio Art Company in Bryan, Ohio, maker of the Etch-A-Sketch, among other toys.
This yo-yo does not come with original packaging.
It does have some dings.