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Now aged 78, McDonald has decided to donate that first cap, won against USSR in the Lenin Stadium, Moscow on 1958.
McDonald said today: "I am getting older and my grandchildren are catered for, so I thought it would be nice to let the club have one of my caps. I got eight caps and I loved my time at Burnley, so it only seems right that I give something back to the club that gave me so much pleasure as a player.
"I don't get down to Turf Moor much these days. My grandchildren keep me busy enough. But I do keep up with the results and I was thrilled when Burnley beat Chelsea last week. Hopefully now they can do the same against Arsenal and reach the Carling Cup semi-finals."
In response, Clarets chairman Barry Kilby said: "This is a magnificent gesture by Colin, a player who was revered by every Burnley fan of his era. He truly is a club legend and to take ownership of his very first international cap is an honour.