Thanks to a licensing agreement with General Foods, Kenner introduced Milky to the world in 1977. General Foods was looking for a promotional toy to accompany one of their breakfast cereals.
To get Milky to drink from its bucket of water, you had to pump its tail gently until the cow lowered its head and sucked it down.
When Milky the Cow was done drinking, it would raise its head and let loose with a meek 'moo,' and then the milking fun could begin. Place the sturdy plastic bucket directly underneath Milky's midsection and pull gingerly on the soft rubber udders.
What's it worth? Take a look at this Milky Marvelous Milking Cow price guide: sold listings for a value indication.