Abstract: An inflatable toy is described, in the nature of a free-standing punching bag, which includes front and rear panels joined to each other to form a substantially sealed enclosure capable of retaining gas under pressure. An internal or intermediate panel is provided inside of the enclosure and is spaced substantially equally from the front and rear panels. The front and intermediate panels are formed of a transparent material while the rear panel is opaque. Images are imprinted on the internal surfaces of the three panels, the images cooperating with each other to produce an illusion of three dimensions and composite image which continuously changes with different angles of observation of the inflatable article.