1.25" from the 1940s shows generic cowboy on rearing horse, a design that was used on numerous rodeo souvenir buttons from this time period. However, most likely The Lone Ranger was making an appearance so some enterprising vendor created this button by taking the generic design and adding at the bottom a star design and the words "Lone Ranger." Much of outer perimeter has rather faint grayish age stain but not dark and only going inward at the most about 1/8" at the top. Surface has scattered wear but this largely shows just with magnification. No backpaper likely as issued. We've seen just two or three of these. Rare.