4x6.5" one-sided card on cardstock which has penciled date at bottom of 1931. Iwerks left Disney in 1930 although later returning in 1940. Features a great and unusual image of Flip w/back flap of his pants down and a potty behind him. In one hand he unfurls a roll of toilet paper w/individual sections reading "Merry Xmas" while in the other hand he holds a burning candle. Below image is text "From Ub Iwerks." As part of the card's design, the potty has a die-cut edge where some type of small paper insert once was, possibly a tiny tissue paper sheet. This .5x.5" area is lightly tanned. Card o/w shows just slightest aging, 1/8" tear on right center edge of scalloped border. Card remains clean and free of creases. VF. Great, irreverent design. Rare, and the only example we've seen in our 42 years. This is the actual example shown in The Official Price Guide to Disney Collectibles by Ted Hake and comes w/COA.