"aka Gibraltar P-1405"
The circuitry in this Penney's is common to a couple of the earliest Toshiba shirt pocket radios, including the 6TP-219 and 6TP-243. I find it interesting that this model purposely (?) omits the Toshiba label from the speaker, although the Toshiba part number is ink-stamped on the back of the magnet. If it's coincidence, so be it, but the Toshiba caps are also positioned such that the maker's name is not visible. The only Toshiba parts that can be spotted to the observant and persistent viewer are the transistors themselves. If allowed to venture a guess, I'd bet that Penney's made an arrangement to keep the Toshiba name off the radio. The serial number label reveals that this radio was built in November 1958.
Transistors (Toshiba): 2S52, 2S53, 2S53, 2S54, 2S56 x 2, [1N60]