This was a 1952 Post’s cereal premium also given away by Meadow Gold Dairy and possibly others. Base is brass with adjustable bands. One side has his “HC” initials and the opposite side displays his brand of a bar with numeral “20” below. Ring top has inset working compass and a three dimensional black metal cowboy hat fits over this. Ring base has single faint 1/16” dot of missing tarnish with similar tiny dot off the side edge of the compass frame although this is covered by the hat when in place. The interior surfaces of the brass base have a couple of 1/16” or so tarnish dots but the exterior paint and luster on this piece approaches 98% Mint. Rarely found this clean.