This is only our fourth example of this ring on which the Sky King close-up image in disguise remains easily visible. Actually, there should be a second full figure of him but neither this nor our three previous still retained second image. This Peter Pan Peanut Butter premium from 1948 has a brass base with "Sky King" on each side above a winged propeller design. Base has mint, bright, golden brass luster. The ring top has a metal clip holding a glow-in-the-dark beige plastic frame and frame still glows after light exposure. Top of the ring has a smoky but clear .5" circle of plastic which fits into an opening and covers a tiny 3/8" square of plastic which has a shoulders to hat top illustration of Sky King in disguise. This square is a bit warped and has a couple microscopic hairline marks but none of this shows or affects image clarity. The top plastic circular piece is revolved and this polarizes the light, thus making the image appear and disappear. On 99% plus of all examples, both images have disappeared from the plastic square. However, the "disguise" image remains on this example and under natural daylight it is easy to turn the plastic and watch the image appear and disappear. As the image is printed on clear plastic, it does not exactly jump out like a photograph but all details are here and just as strong as when the ring was produced in 1948. Instruction sheet has two corner folds and two folds from envelope insertion plus pair of 1/8" edge tears. Still clean and VF.