This is a diecut that is almost impossible to find. Made by Dennison, it first appeared in their 1930 Price List pamphlet. This definitely has serious condition issues, most notably the punched hole in the hat area. Still, if you are a Dennison completist, this may be an example of rarity trumping condition. When I bought the one in the collection, I had no idea just how elusive this would prove to be for others. (It was acquired decades ago.) As I’ve covered before, Dennison’s output plummeted in the early 1930s, so items from this period are seldom seen.
10/09 Update: This sold for $372.88!