11.5x18" mailing envelope with typed address label and return address "Blue Bonnet Sue." Light handling creases to envelope but remains solid. Envelope holds 8.5x11.25" fold-over instruction sheet for assembly of TV studio. Illustrated instructions on inside and back cover. Envelope also holds 10.5x18" punch-out sheets that unfold to 21x54" making six large punch-out panels. Panels include studio stage, TV cameras, prize wagon, Doodyville Peanut Gallery, admission tickets with Howdy illustrations and "Blue Bonnet Margarine" signs. All panels are complete, but several have been punched out. 1954 Blue Bonnet premium. Lot also includes 13 cut-out characters with accessories from back panels of "Blue Bonnet Margarine." Characters average 4.5" tall. Characters include: Howdy, Clarabell, Princess, Dilly Dally, Sailor, Oil Well Willy, singer, Mr. Bluster, Bloop and three kangaroos. Only one of the figures is missing - Chief Thunderthud but his totem pole is included. Missing just two accessory pieces - Sing-a-Song Floodlight & Princess has two-piece spotlight but not the spotlight unit. Characters show scattered minimal wear. VF. A rare premium and even more rare with near complete set of cut-outs. Instruction sheet and punch-out panels are clean, bright, complete and Exc. From the Hake Collection.