3x5.5" mailing envelope w/"The Shadow Club" logo (which matches included lapel stud) and return address. Envelope has handwritten recipient address in ink and shows moderate aging. Fine. This envelope is more rare than both the card and stud, and this is the first example we've offered in our 48 years. Envelope contains 2-7/8x5" card that holds .75" silvered brass boys lapel stud. Issued by Street & Smith, publishers of "The Shadow" pulp magazine in the 1930s. Card has small Shadow image w/die-cut hole at center as made to hold lapel stud. Card also features text promoting "The Shadow" pulp. Scattered lt. wear/dust soiling. Fine. This card is very rare, we have only offered a few over the years. .75" dia. silvered brass stud w/threaded post and screw cap on the reverse. This version was intended for boys while a version w/pin on back was intended for girls. Much silver luster remains. Exc.