Johnny Hero was a clothed, 13 inch tall figure produced by Rosko Industries for Sears as a boy's doll (the term action figure had only begun being used with G.I. Joe). Johnny Hero was basically a sports figure that could be fitted with various team uniforms (sold separately). The toy was introduced for the 1965 holiday season. At some point Johnny Hero was repackaged as Olympic Hero.
What's it worth? Take a look at this Johnny Hero price guide: sold listings for a value indication.