This is the #40 Black Western Pony with Indian. (See record #40 for model details). Set #240 'Indian Warrior' came with Indian Rider, tomahawk, knife, 4 arrows with quiver, fabric bareback blanket with elastic band cinch and chain reins. This model is advertised without the bow or any headdress. This set is pictured with the star/blaze version of the Black Western Pony in the 1958-1959 catalog; however the bald face version was also available. Not specified in the catalog, but it is assumed this set came with 4 arrows. All known Breyer literature and ads describe the Indian as having 4 arrows; however, there was one ad (estimated from 1952/53) from Eastman Chemical that pictured 3 arrows.
It could be possible the Indian with buckskin colored pants was released with this model; however, given the timeframe, it makes more sense that the turquoise pants model was included. Indian with buckskin colored pants and moccasins has a red loincloth, red headband, and warpaint on the chest, face and arms; and the Indian with turquoise pants and moccasins, has light tan loincloth, a turquoise headband, and warpaint on only the chest and face. Most Indian molds have black painted on eyes, eyebrows, and red lips, though it's possible some models did not have painted faces. The Indian mold was sculpted by Chris Hess, and has no mold marks or Copyright Stamps.
The photo pictured with the headdress, provided by Sande Schneider, is assumed to be correct. This set shows a variation to the turquoise pants version, with the markings on the chest and arms, similar to the buckskin pants model (see middle figure in the photo). The accessories are more of a brown color rather than the more common shades of red. Sande bought the model in 1998, and feels this is a correct representation of this set; however, it cannot be confirmed by the catalog description. If someone has old price sheets or literature from this timeframe, please do contact me.