This is the first ever Superman ring from 1940 awarded as a prize in a contest promoted in early issues of Superman and Action Comics. Only 1,600 rings were awarded but it is possible a few others were used in candy and bread promotions. The top center image of Superman breaking chains is surrounded by text “Supermen Of America/Member.” One side band has design of a planet with two lightning bolts on the opposite side. The silvering on the ring is about 90% intact with just a tiny bit off the side edges of the lower bands where they overlap. The red paint bkg. accent surrounding the inscription and the tiny accent on his chest logo are completely gone. However, the circle of metal bearing the text and his image displays with highly reflective brass finish. Considering the absence of all original paint, we would grade this VG, but from the standpoint of visual appearance, ignoring the paint loss, the ring displays as N. Mint. The values in the 2008 edition of Hake’s Price Guide To Pop Culture Memorabilia are Good - $4000; Fine - $10000; VF - $30000. This example appeared in Auction #200 and sold for $4,000. It has been re-consigned with a truly conservative opening on a rare ring that displays beautifully.