Abstract: A rocket toy has a unitary cylindrical body with outwardly projecting fins and a partition wall across the interior near the front end. A tapered cylindrical lip projecting from the body front end receives one of two nose cones. The first, a parachute-receiving nose cone, fits loosely on the tapered lip and is held in place during forward flight by the air resistance of a forwardly facing brake surface on the nose cone exterior. A parachute, furled within the nose cone, has cords attached by an elastic band to the rocket body. After launch, as the rocket toy slows down near the apex of its trajectory, the air resistance is insufficient to hold on the nose cone. The nose cone drops away, permitting the parachute to deploy. The second nose cone fits tightly on the tapered lip and remains in place throughout the entire flight. The rocket toy is launched by the compression of air within a pair of telescoped tubes, one of which is connected to the rocket body cylindrical rear end during launch.