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A freind from Pasporter faxed it to Dave Smith the official Disney archivist. This is what he had to say.
"The item you have is not a war bond, but a war bond certificate, given to kids who parents purchased war bonds for them. The baby character is indeed Baby Weems, from the Disney feature film, The Reluctant Dragon (1941).
Dave Smith "
So James you were right. Way to go and thank you.
"You're dead if you aim only for kids. Adults are only kids grown up, anyway." Walt Disney