This 1949 premium from Peter Pan is the largest of all metal premium rings. Brass base shows his horse and plane while top has large black rectangular compartment with the ring's name on one side and with pair of slots on the opposite so that when the ring top is moved up and down it produces both a clicking sound and reveals two slots with glow-in-dark material on the inside that can be used for sending signals. These inserts are clean but have lost their glowing power. Top of the case has "Action Code" with several dot and dash combinations to represent words like "Advance, Retreat, Danger, Etc." Ring top also holds aluminum tube that extends and serves as a telescope. With the tube extended the ring top is a full 3.25" long. Small bit of silver luster off the aluminum tubes but still a nice shiny finish overall and the ring base has about 95% luster. Exc. example of a classic ring.