I can just vaguely remember having one of these. I was only about three or possibly four at most. It was given to me by the rag and bone man in exchange for a bundle of rags or old clothes given by my mother. He used to come round with a horse and cart and I loved to stroke the horse. The ball on elastic was covered by a silver paper similar to that which is on the inside wrapping of chocolate bars but it was multi coloured. As you say Ray, it didn't last two minutes and inside was that stuff a bit like straw which used to be used to wrap delicate objects years ago. Can't remember when I last came across that either . Something used to come wrapped in it inside a box but I cannot remember what it was now. The action of the ball was similar to a yo yo.
Wow! That was a real rave from the grave, Ray. I had clean forgotten all about that for the last fifty years at least. Good call.