This "Tricky Disc" Cracker Jack prize should have been called "Tricky Discs," since it is a puzzle made of two paper discs just over 2" in diameter with a gapped metal ring connecting them. Both the neutral colored front disc and the pink back disc have holes punched in them, and the pink disc has a metal rivet in the center hole.
The object of the Tricky Disc is to turn the discs to align the holes, weave the metal ring throught the alignments, and continue the process until the metal ring is eventually removed from the paper discs without tearing them.
Though the prize is not marked "Cracker Jack," it has been confirmed to be a Cracker Jack prize through company documentation, in which it is listed as "Tricky Disc Puzzle" and described as "paper puzzle with metal ring." An example of the prize was at one time displayed in the company's showcase of prizes.
No specific date for the Tricky Disc is given in the Cracker Jack records; but based on its series number, it appears to have been released sometime in the early 1930's. The supplier was George Milkes.
There is a similar prize called the "Spider Web," a single metal disc with metal ring, which was one of a series of 15 puzzles in paper envelopes given out as point-of-sale Cracker Jack and Checkers premiums. That series of prizes came after the Tricky Disc, again based on prize series numbers.