This is the #41 Black Pinto Western Pony with Indian. (See record #41 for model details). Set #241 'Indian and Pinto' came with Indian Rider, tomahawk, knife, and 4 arrows with metal bow and plastic quiver, fabric bareback blanket with elastic band cinch and chain reins. Blankets were typically red and came in several patterns and accessories came in different colors such as red, yellow and clear copper (as shown in photos). Production dates are estimated 1953-1957.
Early versions of the Indian have buckskin colored pants and moccasins with a red loincloth, red headband, and warpaint on the chest, face and arms. Originally released with only a feather that fit into a hole on the right side of the head. A paper headdress was released shortly after, and then the plastic headdress. Later versions of the Indian have turquoise pants and moccasins, 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. See photos of the painted variations. The Indian mold was sculpted by Chris Hess, and has no mold marks or Copyright Stamps.
All known Breyer literature and ads describe the Indian as having 4 arrows; however, there was one ad from Eastman Chemical Products (a subsidiary of Kodak until 1994), the maker of the cellulose acetate plastic called Tenite that Breyer used for making models, that pictured 3 arrows. See ad pictured. This ad also shows the earliest known Breyer address as 2536 West Lake, Chicago, IL, as seen in ads from the "Playthings" magazines from 1952. 1953 ads show a newer address of 2550 West Lake, Chicago, IL. Based on this, it is assumed the Indian Rider on Western Pony was first available in 1953 (if not earlier...).