This is a brass ring multifunction with an interesting crownpiece.
The ring opens up and contains a secret compartment with the flying crown brand inside, it has a magnifying glass (disguised as a decorative stone) on a swivel top mounted on to a red base. There is also a small ball-point pen for writing messages. When the lights go out, the pen section glows in the dark. One side of the brass ring pictures an airplane and says "Flying Arrow", the other side pictures a horse and says "Yellow Fury". It originally cost 20 cents and one round metal disc or the paper peanut butter jar top liner.
The ultimate kids ring from the Peter Pan Peanut Butter Co. Excellent condition.