China began to produce tin toys in the early 20's. They were primitive and poorly made. After the decline of Japanese tin toy manufacturing, China assumed the role of the leading tin toy maker in the world. Early Chinese toys were noted for their cheap prices, which often reflected in their quality. Nowadays they are made to a much higher standard, yet retain the edge of being very affordable.
China produces a very wide range of reproduction tin toys with new ones being continually introduced to the market each year.
What's it worth? Take a look at this Chinese price guide: sold listings for a value indication.