Tootsietoys go way back to early 20's but have underpinnings back to late 1800s. They made all types of metal toys, but were most famous for toy vehicles. These type we are discussing here were very popular since the 40s due to being priced very cheap, and most kids could afford 'em. The car you found was sold all through the 50s and by the late 50s they were updating their designs. As a kid in the mid-60s, I had quite a few (and still do). Bu the late 60s and later, the quality went down and seems like most kids then moved on to the more popular plastic stuff and later, video games.
Here's a pic of some of mine that I posted on another thread a few weeks ago: