This 1949 Peter Pan Peanut Butter premium is the largest of all metal premium rings. Brass base shows his horse and plane while top has large black rectangular compartment with the ring’s name on one side. Each side has a slot so that when the ring top is moved up and down, a clicking sound is produced which is properly working. Also, after exposure to light, glow-in-dark material revealed in the slots is supposed to glow in the dark to be used for sending signals. These inserts no longer glow but they appear in Mint condition. Top of the case has “Action Code.” Ring top also holds aluminum tube that extends to serve as a telescope. Fully extended the ring top is a full 3.25” long. Tiny bit of brass luster off the underside narrow prongs. NM displaying Mint.