Very cool. DON'T paint it or restore it. I don't recognize it, but that doesn't mean anything. There were a lot of toy companies in the '30s that went out of business due to the metal shortage when WWII rolled around. It's probably an orphan brand. I collected Metal Masters for a few years.
It's worth some money AS LONG AS YOU DON'T PAINT OR RESTORE IT http://cgi.ebay.com/1930s-Arcade-Plymouth-Coupe-W-Rumble-Seat-Toy-Car-134R-/380137913863
Yeah I did not plan on "restoring" it. I have seen what that does to values. Apparently there are a lot more somewhere in my grandparents house.
Very cool, especially if it was your grandfather's. Good luck finding the rest, post photos if you find 'em. I had a few nice ones (nice like old and unrestored), some valuable, most not really. A couple that were handed down from my great-uncle and a cool '54 Cadillac convertible that I found in the garden when I was about 7 or 8. My storage unit got broken into a year or two ago and that was it for my collection of cars.
The Jalopy Journal