The most common and most likely answer to this crossword clue is the 12 letter word CRACKERJACKS
I've seen this crossword clue in The Times
C
R
A
C
K
E
R
J
A
C
K
S
More clues leading to the result CRACKERJACKS
Buddy explains!
The straight part
We know that "things of the highest quality" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case things of the highest quality = crackerjacks.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.