Released as part of the 40th Anniversary celebrations in 1997. Hasbro didn't re-release any 4 inch scale figures as part of the celebration, instead licensing the figures out to a company called Fun4All. This is the Classics Collection Action Soldier.
The front of the box is supposed to resemble the original wooden style boxes the figures came in and have a large open window to see the figure inside
The back of the box reuses the original Action Solider artwork with a picture showing the 4 figures in the set, which art Soldier, Pilot, Marine and Sailor.
The Soldier comes with no accessories and is based on the 1994 figure, His accessory is the keychain that comes attached to his back via a plug. If you had the 1994 version through the retail sets, then you have this figure already, though the only real thing to note is that it's a cheaper manufacturing process and much more fragile plastic than an actual Hasbro release. He is very likely to be broken and probably wouldn't survive being a keychain long before being broken.
There are two distinct versions of the figure and neither is more rare than the other. In this case, one has a the keychain plug over the screwhole, the other has the plug molded between the shoulders. Many fans have actually broken these plugs off so they can be used as proper action figures.
These figures can be bought for much cheaper on the secondary market, even a complete set of 4 can cost as little as £20 plus import from the United States.