The following description was taken from the Greenburg’s guide to Marx toys vol. 1.

            Lone Ranger:  1938. 8” high. The Lone Ranger figure is seated on his rearing horse, Silver. The horse’s tail rests on the ground to balance its two hind legs. As mentioned previously, the Lone Ranger and Hop A’Long Cassidy figures are the same. Both have a moving left arm holding a gun and a stationary right arm grasping a spinning lariat. When wound, the Lone Ranger toy turns in a circular vibrating motion, while the lariat spins. In 1938 the toy sold for 39 cents.

The masked Lone Ranger is colorfully dressed in a red shirt, gold/tan vest and hat, blue pants and kerchief, and brown boots. The blanket on his horse is red and edged with black and white. The lone Ranger is nicely lithographed with such details as the fancy design on his boot and the draping of his shirt. 

A yellow streamer across the Lone Ranger’s knees has black lettering that reads “The Lone Ranger Hi-Yo Silver!” Lettering reads “Copyright 1938 The Lone Ranger” and the Marx logo appears on the right side of the horse blanket.

The Lone Ranger came in two variations. On the more common one, the horse is white like that of Hop A’Long Cassidy. On the other, the horse is silver. Otherwise, the colors of the two toys are the same except that the entire silver-horsed toy has a metallic finish. The box is red and green and shows a smiling Lone Ranger dressed in red and green on top of the rearing horse, Silver.

The Lone Ranger figure also came on a Hop A’ Long Cassidy horse and Range Rider rocking base. The horse is in a standing position with one leg suspended on top of a box. The toy has a streamer with lettering that reds “The Lone Ranger Hi-Yo Silver!”

The Cowboy Rider, which is actually the same toy as the Lone Ranger, was made in 1942 and sold for 29 cents. The Cowboy Rider has different lithography, and lacks the Lone Ranger’s mask and streamer.