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 1942 year of radio program sponsorship. This example is VF. Of the 14 total known only 5 grade higher. 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. The original owner wore this example so there is slight loss of luster from the thin edges forming the finger opening as well as each narrow area of the ring top where it arches over the finger opening. Flat areas of the ring base have just slight luster loss above the image of the "Bombing Plane" on one side panel. The three moveable panels on the ring top each has slight luster loss but in total about 90% remains. Our Auction #205 NM example (with Fine box) sold for over $5,000.00. This example opens much lower but for practical purposes displays nearly as nice. Our 2008 Hake Guide values are: VF - $8500; Exc. - $12,000; N. Mint - $22,500.