1930s era brass ring base with adjustable bands. Ring top has slightly raised circular piece of brass with large initial “M” at the center. Our only other example in Auction #199 displayed the initial “E.” This initial piece is attached to the ring base by a pair of tiny brass tabs on the underside that go through a pair of matching brass slots. The top was designed so that any initial could be applied. There is no text. Exc. all-over luster. Rare.