This is truly one of the most exceptional Disney items we have ever offered in our 41-year history. The first Disney Studio Christmas card was printed in 1930 and there is only one known example of that card. This is the second card from 1931 and itself is very rare. We have only ever offered one other example. 5x7.5" on textured paper. Front reads "Yoo Hoo!" with small image of snow-covered house. Card opens to reveal text "A Merry Christmas And A Happy New Year" with images of holly leaves and berries around a candle along with superb full color, tipped-in paper sheet. This is 4x5.5" and depicts a nighttime Christmas caroling scene featuring Mickey and Minnie Mouse, Pluto, Horace and Clarabelle. Directly below this is bold and distinct black fountain pen signature "Lilly & Walt Disney." Walt signed for himself and his wife. Walt also hand-addressed the envelope which reads "Miss Fischer c/o Benton School Kansas City, Mo." This was sent to Ethel Fischer who was Walt's second grade teacher. He stayed in contact with her over the years because of his great admiration for her and her encouragement in his early years. Of interesting note is the fact that Walt's second grade desk is on display at "Walt Disney: One Man's Dream" exhibit, located at Disney's Hollywood Studios. The envelope has a Dec. 23rd postmark as well as cancellation mark reading "Mail Early For Christmas." However, as the school was closed for Christmas vacation, the card was re-directed by the local post office who added Miss Fischer's home address in pencil. Also added to the bottom of the card below Walt's signature is date of "1931" believed to be done by Miss Fischer. This very card is shown in Volume 2, #4 Winter 1994 issue of "Sketches Walt Disney Collectors Society" magazine. This issue features a 2-page spread on Studio Christmas cards and this very same card is prominently featured in a collage (a bit of the added 1931 date visible). A copy of the magazine comes with this lot. Both the envelope and card have just the slightest trace of aging but remain in exceptional condition, obviously stored in optimal conditions over the years. Envelope VF, card Exc. We are pleased to be able to offer this item which has been in a private collection for the past ten years. The only time we have ever seen this card signed by Walt. The card is a true rarity on its own, further enhanced by the fact that it is signed by Walt along with the connection of the recipient to Walt's childhood.