This is the rarest Orphan Annie ring and indeed one of the rarest of all premium rings. It was issued by Quaker Cereals, apparently very briefly during their final year of radio program sponsorship. This example grades Very Fine plus and is the second best known of a total of nine. One example is known in N. Mint and the other seven are - two in Good, three in VG and two in VF. The ring is all brass with adjustable bands picturing a "Pursuit Plane" on one side and a "Bombing Plane" on the opposite side. Top has a small rivet holding 3 individually movable plates to the ring top. Each plate has a small hole of graduated diameter and the idea is to hold the ring to the sky to look at an airplane. If the image fits within one of these holes, then the plane is at an altitude designated on these 3 pieces as 25,000 ft., 5,000 ft. or 10,000 ft. Overall the luster on the exterior surfaces is N. Mint and most of the tiny bit of missing luster is on the lower of the 3 metal plates. The plate on the top has just a small hairline to the left of the design and under magnification there are some tiny luster dots missing from the extreme outer edges. Most of the luster loss is on the top of the middle plate at the lower right corner and this was caused by the top plate rubbing against this area. The area is only about a 1/8" diameter at the lower left corner with 3 very small hairlines above. Overall about 93% of the luster remains intact on this plate. The bottom plate has just a little luster loss along its very top edge above the inscription "25,000 ft." Also just a tiny dot area at the lower left corner by the rivet. If we were going by luster alone, we would call this N. Mint but there is one other very minor imperfection. The top edge of the top plate has a tiny brass bar extending downward. This is meant to slip into a notch on the top edge of the ring base so that the 3 plates can be locked into a closed position. While this small bar is complete, the depth of the 3 brass plates are a little too much in thickness for this bar to catch and completely lock all 3 plates. The top plate will stay in position but the lower two are just free enough to swivel on their own to either the left or right if the ring is moved around. This is really not such a bad defect as the ring is meant to be used with all 3 plates in an open position. All things considered, we grade this as Very Fine plus and it is the second best known example. It has been well over six years since we've been able to offer this ring. The Hake Character Toy Guide grades the ring in Very Fine at $15,000 and in N. Mint at $25,000.