This is Mego's 8" Robin action figure. He was first released in 1973 as one of the first four superheroes that Mego produced (Superman, Batman, Robin, and Aquaman). What would Batman be without Robin?
Robin's history as a character is a long one. He was first created in 1940 as a sidekick for Batman. Robin provided a point of reference for kids reading the comic books and was a character that was more relatable to children. It was easy for kids to imagine themselves to be Robin and be there right alongside Batman fighting the bad guys.
Mego's Robin sports the outfit that Robin wore from his inception in 1940 all the way up to 1990 (or so) when his costume was revised for the new Robin, Tim Drake. So, incidentally, Robin's costume went basically unchanged for about 50 years.
Like Mego's Batman, Robin is from a simpler time when it was okay for superheroes to smile and do things like hand out ice cream to kids. So, Mego's Robin is sculpted like he's having a good day. These first Mego figures were also released while kids were still, somewhat, riding the Batman publicity wave that accompanied the Batman TV show that ran from 1966 to 1968. Many of us were emulating the TV show when we played with these. A lot of us weren't old enough to read comics when we started playing with Megos and so the TV show was our main point of reference (although a 60s show, it was in heavy syndication in the early 70s).
Since Mego's Batman was the first true Batman action figure ever produced, it stands to reason that Mego's Robin was the first Robin action figure ever produced. Like the Batman Captain Action costume, Ideal produced a Robin costume for their Action Boy (Captain Action's sidekick) figure before Mego's Robin. However, again, this was Action Boy masquerading as Robin and was not a dedicated Robin figure like the one Mego produced.
A complete Mego Robin includes his tunic with attached cape and emblem, a pair of green shorts, 2 green rubber booties, a yellow belt (elastic with metal buckle for only very early issues, a plastic one for later issues) and a pair of green gloves (oven mitts). It should be noted that Robin was first released with an ill-fitting removable mask (not shown) that could be removed to reveal Bruce Wayne's surrogate son, Dick Grayson.