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Wham-O produced a fastback Frisbee with an early version of the Neckelodeon "Splash" in the late 1970s. Mattel has had a licensing agreement with Nickelodeon since 1992 and produced a number of successful Nickelodeon-branded toys, including Slime, Gak and Floam. While Mattel owned Wham-O from 1994 to 1997, they made two different Nickelodeon Frisbees, including these give-away Minis in 1996. The wrapper says, "Free Frisbee When You Buy This Can."  The Mini and Frisbee have been removed from the can, but my guess is that the can contained Slime. This is a different mold than other Wham-O Minis.  It is the same diameter, but it has a higher profile with flatter top.

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