Issued by Kellogg's Pep cereal in 1949. A Canadian version was also produced but issued by Corn Flakes cereal. Hard plastic ring is 2" tall and features movable Donald head w/magnet insert. Second magnet has "Kellogg's Pep" paper label wrapped around it to simulate a cereal box, this is 5/8" tall. This is used to open and close Donald's mouth as well as turn his head. Ring also has luminous material around Donald's eyes but as usual, no longer glows, o/w NM. Comes w/3.75x5" instruction folder w/order blanks for additional rings. Light tanning on front lower half. Scarce.