This is the Honeybee, a very low-cost, low-altitude sounding rocket designed in the late 1960's. It is essentially a large solid-fuel model rocket with a cardboard body, balsa fins and nosecone, and silk parachute. Manufactured by the Rocket Development Corporation, the Honeybee could carry a 0.75 pound payload up to 3,600 feet. The total launch weight of the rocket was 1.4 pounds.
The rocket could be used for low altitude weather studies, rescue purposes to carry lines to persons in distress and other purposes. However, due to its low payload capability, the Honeybee was not commercially successful. The Honeybee was donated to the Smithsonian in 1967 by the Rocket Development Corp.