Sold for $4,630.63 at Heritage Auction Galleries.
Here's the auction description:
Superman Contest Prize Ring (1940) Condition: FN. An extremely scarce premium ring (aka the "Supermen of America Prize Ring"), this one was listed as the most valuable of all toy rings by Bob Overstreet when he published his Toy Ring Price Guide. More recently, Hake's Pop Culture Memorabilia Price Guide lists as "Reported 21 known: two in Poor grade, one in Fair, six in Good, three in Very Good, four in Fine, four in Very Fine, and one in Mint." On close examination, this example appears very close to Mint, save for a very tiny missing flake of silver color near the red and brass Superman logo (which also has some extremely light wear), and what appears to be a very slight bend on one side, from being worn and adjusted by the original owner. Overstreet noted, "Red color behind circled letters wears easily and is usually gone. Examples with the red color intact are rare." This ring was previously sold at a 1999 Sotheby's auction, where it was listed at Good+, a grade we feel was too low, given the tremendous eye appeal and luster of this ring. We suspect this to be one of the finest known copies of a highly desirable Superman collectible. Hake's Pop Culture Memorabilia Price Guide VF value = $30,000.