Abstract: A noise making valve for a toy balloon includes a casing enclosing a moveable valve body and a resonant reed disposed upstream of the valve body. A perforated membrane substantially closing the end of the casing opposite the balloon is depressable to lift the valve body from its seat, causing emission of a tone. The valve body is positively enclosed in the casing, and the reed is protected by folded-over tabs, such that no part of the valve is removable by the user. Safety features also include an enlarged trumpet shape and a restriction preventing a complete sudden ejection of the valve from the balloon.