1.25" showing the earliest design of Donald from 1935 standing amidst raindrop accents with tiny ©W. Disney below his feet. Text also reads "Dry In Any Weather - Norwich Knitting Co. Norwich, N.Y." Pair of 1/8" tan marks on upper rim edge but all else is totally clean. We've seen only a few of these with backpapers and this is one although the backpaper has some dark stain. Reads "Orange Mfg. Corp./Newark N.J. Badges-Buttons-Emblems & Adv. Novelties." Without stain, examples are typically $300-$500.