This is the rarest Orphan Annie ring and indeed one of the rarest of all premium rings. This is our first example to offer since Auction #183 (Apr. 2005) and our example prior to that was 6 years earlier. The ring was issued by Quaker Cereals, apparently very briefly during their final year of radio program sponsorship. This example grades Exc.+ and is the second best known of a total of 11. One example is known in N. Mint and the other ten are: 2-Good, 3-VG, 2-VF and 2-Exc. This example we are calling Exc.+. 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: 2,500 feet, 5,000 feet or 10,000 feet. Overall the luster on both interior and exterior surfaces is predominantly flawless Mint. Here are the minor exceptions: the top “10,000” plate has a few near microscopic luster dots off its top edge, the middle “5,000” plate has about 12 tiny marks, all under 1/16” without original luster but with rainbow patina. The “2,500” plate has gray mark over one zero. The other side of this plate has a few tiny dots of luster off. The entire ring base below the plates is about as Mint as possible. We see no flaws. A superb example overall. Ring includes the first mailer we’ve seen. 1.75x2x2.5” thin cardboard box has “The Quaker Oats Co. Chicago, Illinois” return address label. Minor dust on the label and the part of the right end flap that tucks into the box is gone. Fine. Our VF ring example realized $10,000 in Auction #183. Our 2008 Hake Guide values are: VF - $8500; Exc. - $12,000; N. Mint - $22,500. We feel this example falls between the Exc. and N. Mint grades, however the consignor is a non-collector who wants the item to sell so the opening bid is only half of what we feel is the conservative value. Comes with color photocopy of original offer from the 1942 Secret Guard Official Handbook. From the Joe Gura Premium Collection.