The full box (left) slid out of the green sleeve (right). This is interesting to me as it may mark the end of the little canisters Topps previously used to sell their one cent gum tabs. The product box is clearly scored to allow for that Howdy Doody looking kid's mug to be flipped up so there was no need for a canister. I have a Tatoo canister but that issue predates Magic Photo (and indeed, is the first Topps novelty). That mascot looks a lot like Bazooka, the Atom Bubble Boy but I don't think it's an exact match.
This was clearly meant to house the second series (along with the first-Topps ofetn reissued their first series of a set when the second came out.). I have to say I'm a bit surprised the associated album is not mentioned on the box.
Speaking of the album:
It's not well known but there are two variants of the album. The cover is the same for each, but the second series version has a notation atop the (different) checklist on the inside and is harder to find. Here is the skinny on both: