This is a wooden yo-yo with a wooden peg axle. It seems to have the original string. It is in good condition although the stamp on the red side is a little faded. The Stamp on the Blue side is in good condition. It also has some scuffs on the edges from walking the dog.
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.
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*Thanks to Lucky Meisenheimer for providing information on this yo-yo and many others in his book, Lucky's Guide to 20th Century Yo-Yos. The most comprehensive Yo-Yo collectors book ever written.