Here’s another example of a ringtop pencil which, if rarity is any guide, must be worth at least as much and probably more than the full-sized, side clip version:
This one is marked “Craig” at the top, a Sheaffer subbrand named for founder Walter’s son, Craig:
Here it is, shown alongside the more familiar and less difficult to find version:
As far as the “Patent applied for” stamped on the barrel, I’m not sure to which patent this refers, although I’m not finding anything ultimately assigned to Sheaffer which fits the bill. These pencils bear more than a passing resemblance to aluminum barreled pencils marked “Swanberg” and “Tubit” (see http://leadheadpencils.blogspot.com/2011/12/two-bit-mystery-finally-solved.html). I’m wondering if there might have been a fleeting Swanberg-Sheaffer partnership.