This was an Ovaltine 1939 premium. The "Official Code Captain Secrets" folder is in three sections and it measures 3.25x6.5" when closed. Reverse is signed as intended by the original owner with name and serial number "003215" which matches the number stamped on the interior of the secret compartment on the back of the badge. This is one of the lowest serial numbers we've seen on any premium. With the folder and badge comes the generic piece of cardboard that protected the badge in mailing. This cardboard caused small area of tanning on the folder's reverse, but otherwise folder and badge display Mint. Lot includes the original mailing envelope although with address rubbed off the label but otherwise Exc. The badge reads "R.O.A. 1939 Code Captain." Reverse has secret compartment plus small chain so Code Captain could attached their 1939 decoder pin to this badge. The interior of the compartment has a special Code Captain key number to be used when messages were broadcast on the show intended for Code Captains only. Minor luster loss off the bottom edge of the compartment but overall badge is NM. Rarely offered complete as issued.