This is a superbly colored 1.25” button but two areas have a color registration problem. The red text “Wurlitzer-Cincinnati” is off-register by about 1/32”. In addition, the white color on Nipper’s head is about 1/32” off-register giving him a slight ghost image. Everything else about the button is as it should be and in N. Mint condition displaying Mint as made. Nipper stares into the golden horn of the phonograph and the name “Victor” is on its side with the famous slogan “His Master’s Voice” printed below. Reverse has W&H backpaper with larger text giving address for Wurlitzer Co. in Cincinnati and text “Victor Talking Machines/Gold Medal 1901/Musical Instruments Of Every Description.” The 1901 date is a reference to the Pan-American Exposition in Buffalo. About the 4th we’ve handled in 4 decades. See early Victor mirror #431.