This is the rarest Orphan Annie ring and indeed one of the rarest of all premium rings. 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 third best known of a total of 13. 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 middle “5,000” plate has a few near microscopic luster dots off the exteme right edge and the bottom “2,500” plate has muted luster with rainbow patina of deeper gold tone than the two upper plates. The The entire ring base below the plates is about as Mint as possible. We see no flaws. A superb example overall. Ring includes the second 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 tab of the right end flap that tucks into the box is gone. Fine. Our 2008 Hake Guide values are: VF - $8500; Exc. - $12,000; N. Mint - $22,500. Our only other boxed example, with the ring in nearly identical condition realized nearly $7,000. From the Joe Gura Premium Collection.