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Looks like a toy cap gun made from pop metal.
 

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Even if it wasn't a cap gun; the frame is so corroded it has zero monetary value and no hope to restore, so enjoy it as a remembrance of your grandfather.
 

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The rivet through the barrel is a dead give away. After you restore that one, see what you can do with this priceless heirloom and superb shooter. My grandfather shot buffalo with this while working for the railroad out west. Wood Shotgun
 

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#2 P MARSHAL - These have been stored awhile and the plating is not as shiny as it once was. THERE ARE ONLY A FEW OF THESE LEFT AND WE ARE NOT SURE THEY WILL EVER GO BACK INTO PRODUCTION AGAIN! - $69.95 MADEIN U.S.A. DIECAST METAL - 10 1/2 inches long .( USES OUR # C6 or our CA 6 MAVERICK - MARSHAL PAPER ROUND CAPS ) CAPS LOAD ON THE BACK OF EACH METAL DIECAST BULLET . BULLETS LOAD INTO CYLINDER . WHEN TRIGGER IS SQUEEZED CYLINDER ROTATES AND HAMMER SHOULD POP EACH CAP . Cylinder rotation is pretty good but not perfect on the Marshal model cap gun pistol . ( CAPS NOT INCLUDED ) . ....... 1 to 10 MECHANISM TOUGHNESS RATING - 6 Made by Wild West Toys , CYLINDER DOES ROTATE WELL BUT NOT A GREAT CAP POPPER NOT GREAT FOR SMALL KIDS , MORE OF A COLLECTORS PIECE!

https://www.toyguntown.com/toy-cap-guns-pistols-for-sale-usa-made/2-p-marshal-cap-gun
 
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