what to do with this?

Here's a 1960s era gift that I've not had occasion to cash in.  It raises a few questions.

What was going through the mind of the gift-giver?  Why did CCG think this was something I wanted?  I realize the situation reversed itself quickly in the 1970s, but at the time of this gift wasn't I bigger and stronger than the gift-giver anyway?  Couldn't I have just taken a free slap without this permission slip?

I wonder whether I have the right to assign it to a third party?  Need to check with the folks studying for the bar exam.  If assignable, what would be the market for this kind of thing?