This is one of the two earliest character premium badges. It was offered Jan., 1900 in the publication “Tip Top Weekly” founded in 1896 by the publisher Street & Smith. The title of “first” is called into question only by a pair of badges featuring the dime novel character Fred Fearnot issued in the same general time frame but those 2 badges cannot be documented to a precise year. One of these is previous item #1229. That badge has Admiral Dewey on reverse and we've seen another variety with Fred's female associate "Evelyn" on reverse. In any case, Frank Merriwell has stood the test of time as a fictional hero much more so than Fred Fearnot. The badge is 2-3/8” tall. This example has substitute hanger reading "Souvenir" instead of correct hanger reading "Tip-Top League." Badge was available for 2 coupons and 10¢ or 20¢ or the equivalent in stamps if the person ordering was a “member” (reader) but if not, the cost was 50¢. Back of the piece also carries the maker’s mark “Whitehead & Hoag Co./Newark, N.J.” The suspended brass medallion with 5 cross-like segments pictures our hero at the center with surrounding text “True As Steel/Frank Merriwell.” Historic and Rare. 96% Mint luster with two small darker areas.