At the time, this yo-yo was one of the smallest mass produced plastic yos on the market. The tiny yo is attached to a plastic wrist watch-type band. This yo-yo was just one of the many novelty yo-yos that Spectra Star released in the late 80s and early 90s. See the back of the yo-yo package for a visual of all the different models.
The manufacturer, Spectra Star, is most famous for their kites.
To see all mini yo-yos in this museum, in the left panel, click Exhibits.
In the right pane, in the Name/Model field, type mini, then click Browse.