Henry Wallace had been a heartbeat away from the presidency during the crucial war years of Franklin Roosevelt's third administration, stepping down in 1945 only months before FDR succumbed to a stroke. Though he had the confidence of the president, Wallace was seen as too liberal by party conservatives and was dumped from the 1944 Democratic ticket in favor of Harry Truman. Returning to the cabinet position he had held previously as Secretary of Agriculture, Wallace and Truman became increasingly at odds, and the former was ultimately forced to resign.
An outspoken critic of both major parties, which he claimed were in the pocket of big business, Wallace launched a third party bid for the White House in 1948 as the debut candidate of the Progressive (or New) Party (not to be confused with the party of LaFollette), also receiving the endorsement of the Communist Party USA. He ran a vigorous campaign, but came in a distant fourth behind Truman, the Republican Thomas Dewey, and the Southern Dixiecrat Strom Thurmond. Following the election, he retired from politics.
Wallace campaign items are scarce, pinbacks picturing the candidate being especially sought after by collectors. We offer a choice example.