ART-CRAFT AERO-BO FLYING DISCS

The Aero-Bo was made by Art-Craft Playthings Corporation of Brooklyn, NY in 1947. The discs are 2.5" in diameter, made of cardboard with black printing using the words "Flying Disc" on one side, and are shot in a vertical position from a crossbow-like device. 

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This toy was obviously made before child safety laws as it's easy to see the potential for injury despite being labeled "harmless".