1.25" with rim text "Meet Me At Merkel's Toyland," one of the three text varieties known. Great image of Mickey at center carrying his pack of toys which includes tiny Mickey doll in Steiff style extending from the top edge and a Mickey image on a drum head. Complete with its unique backpaper reading "Licensed Distributors/Philadelphia Badge Co. Phila., Pa Copyrighted W.E. Disney 1931." Paper has moderate tan stain on about 35%. There is no stain on the button although the rim text is a little off-center to the right and there is a very faint 1/8" dia. air mark by his left shoe so there is a dot of white that looks a little whiter than the rest of the white bkg. Great color and high gloss. Trivial surface wear under reflected light but button displays N. Mint. Rare.