This 1949 premium from Peter Pan is the largest of all metal premium rings. Brass base shows his horse and plane while top has large black rectangular compartment w/ring’s name on one side and w/pair of slots on the opposite so that when the ring top is moved up and down, it produces both a clicking sound and reveals two slots w/glow-in-the-dark material on the inside that can be used for sending signals. These inserts still glow. Top of case has “Action Code” w/several dot and dash combinations to represent words like “Advance, Retreat, Danger,” etc. Ring top also holds aluminum tube that extends and serves as a telescope. With the tube extended, the ring top is a full 3.25” long. Tiny bit of silver luster off aluminum tube but still a nice, shiny finish overall and the ring base has about 90% luster. Exc. example of a classic ring. See next item.