1.75” has tanned but intact W&H backpaper. Superb color depiction of clown in elaborate outfit with dunce cap and painted face seated on a drum with beater in one hand and blowing a horn he holds in the other. Noticeable tan stain around the perimeter but still the only example we’ve seen for this event held “Jan. 17, 1906.” Although showing some age, still an outstanding button. Comes with Hake’s COA.