(RC2 CORPORATION)

 
                              AMENDED AND RESTATED
                          CERTIFICATE OF INCORPORATION
                                       OF
                          RACING CHAMPIONS CORPORATION
 
          RACING  CHAMPIONS  CORPORATION,  a  corporation organized and existing
under and by virtue of the General Corporation Law of the State of Delaware (the
"Corporation"),  does  hereby  certify  that:
 
          1.     The  Corporation  was originally incorporated on April 24, 1996
as  Collectible  Champions,  Inc.
 
          2.     The  Board of Directors of the Corporation and the stockholders
of  the Corporation have approved the following Amended and Restated Certificate
of  Incorporation  of  the  Corporation  in  accordance  with section 245 of the
General  Corporation  Law  of  the  State  of  Delaware:
 
                                   ARTICLE ONE
 
     The  name  of  the  Corporation  is  Racing  Champions  Corporation.
 
                                   ARTICLE TWO
 
     The address of the Corporation's registered office in the State of Delaware
is  1013  Centre  Road,  in the City of Wilmington, County of New Castle, 19805.
The  name  of  its  registered  agent  at  such  address  is  The  Prentice-Hall
Corporation  System,  Inc.
 
                                  ARTICLE THREE
 
     The  nature  of  the business or purposes to be conducted or promoted is to
engage  in  any  lawful  act or activity for which corporations may be organized
under  the  General  Corporation  Law  of  the  State  of  Delaware.
 
                                  ARTICLE FOUR
 
          The  total  number  of  shares  of  stock  which  the  Corporation has
authority  to  issue  is  20,000,000  shares of Common Stock, par value $.01 per
share.
 
 
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                                  ARTICLE FIVE
 
     The  Corporation  is  to  have  perpetual  existence.
 
                                   ARTICLE SIX
 
     In  furtherance  and  not in limitation of the powers conferred by statute,
the Board of Directors of the Corporation is expressly authorized to make, alter
or  repeal  the  by-laws  of  the  Corporation.
 
                                  ARTICLE SEVEN
 
     Meetings  of  stockholders  may  be  held  within  or  without the State of
Delaware,  as  the  by-laws  of  the  Corporation may provide.  The books of the
Corporation may be kept outside the State of Delaware at such place or places as
may  be designated from time to time by the Board of Directors or in the by-laws
of  the Corporation.  Election of directors need not be by written ballot unless
the  by-laws  of  the  Corporation  so  provide.
 
                                  ARTICLE EIGHT
 
     The  Corporation  reserves  the right to amend, alter, change or repeal any
provision  contained  in  this certificate of incorporation in the manner now or
hereafter  prescribed  herein  and by the laws of the State of Delaware, and all
rights  conferred  upon  stockholders  herein  are  granted  subject  to  this
reservation.
 
                                  ARTICLE NINE
 
     To the fullest extent permitted by the General Corporation Law of the State
of  Delaware  as  the same exists or may hereafter be amended, a director of the
Corporation  shall  not  be  liable  to  the Corporation or its stockholders for
monetary  damages  for  a breach of fiduciary duty as a director.  Any repeal or
modification  of  this  ARTICLE  NINE  shall  not  adversely affect any right or
protection  of a director of the Corporation existing at the time of such repeal
or  modification.
 
                                   ARTICLE TEN
 
     Each  person who is or was or had agreed to become a director or officer of
the  Corporation,  or  each  such  person who is or was serving or had agreed to
serve  at  the  request  of  the  Board  of  Directors  or  an  officer  of  the
 
                                        2
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Corporation  as  an  employee  or  agent  of  the  Corporation or as a director,
officer,  employee  or agent of another corporation, partnership, joint venture,
trust  or  other  enterprise  (including the heirs, executors, administrators or
estate  of  such  person),  shall  be indemnified by the Corporation to the full
extent  permitted by the General Corporation Law of the State of Delaware or any
other  applicable  laws  as  now  or  hereafter in effect.  Without limiting the
generality  or  effect  of  the foregoing, the Corporation may enter into one or
more  agreements  with  any  person which provide for indemnification greater or
different than that provided in this Article.  No amendment to or repeal of this
ARTICLE  TEN  shall  apply  to  or  have  any  effect  on the right to indemnity
permitted  or authorized hereunder for or with respect to claims asserted before
or  after  such  amendment or repeal arising from acts or omissions occurring in
whole  or  in  part  before  the  effective  date  of  such amendment or repeal.
 
                                 ARTICLE ELEVEN
 
     The  Corporation  expressly  elects  to  be  governed by Section 203 of the
General  Corporation  Law  of  the  State  of  Delaware.
 
     IN  WITNESS  WHEREOF,  Racing  Champions  Corporation  has  caused  this
Certificate  to  be  signed  by  Robert  E. Dods, its President, and attested by
Curtis  W.  Stoelting,  its  Secretary,  this  17th  day  of  June,  1997.
 
                                   RACING  CHAMPIONS  CORPORATION
 
                                   BY  /s/  Robert  E.  Dods
                                     -----------------------
                                        Robert  E.  Dods,  President
ATTEST:
 
BY  /s/  Curtis  W.  Stoelting
  ------------------------------
  Curtis W. Stoelting, Secretary