Complete premium issued by Kellogg's Pep in 1949. A Canadian version was also produced but issued by Corn Flakes cereal. Original mailing box has light edge wear, VF. Hard plastic ring is 2" tall and features movable Donald head with magnet insert. Second magnet has "Kellogg's Pep" paper label wrapped around it to simulate a cereal box, this is 5/8" tall. This is used to open and close Donald's mouth as well as turn his head. Ring also has luminous material around Donald's eyes but as usual, no longer glows. N. Mint. Comes with 3.75x5" instruction folder with order blanks for additional rings. Light wear as originally folded. Lightly aged. Exc. Also included is 8x14.5" newspaper advertisement for the ring. Lightly aged but clean. VF. Nicest example we've seen of this classic premium.