2x7" stiff cardboard strip pictures and reads "The Hat Of 'Big Bill' Saunders Is In The Ring." We don't know what he was running for but text under 2.5" figural black felt hat reads "Compliments Of P.G.S. John Oetzel Hatter Danbury, Conn." Hat is quite similar to TR preceding version and has black band with name in gold "Saunders." Also at staple is black and rwb fabric loop so item could be worn over clothing button or with end of a pin. Tiny surface paper chip off top left and bottom edge. Trace of dust soil but overall VF. Only example we've seen other than previous TR version.