The pair had broken off from rehearsals for The Wind in the Willows, which enjoyed a week's run at the town's Grand Theatre back in November 1983.
The children, winners of the library service's summer activities competitions, were thrilled to be handed their prizes by characters from the children's novel by novelist Kenneth Grahame.
First published in 1908, the story is set in Edwardian England and also includes the characters of Mole and Mr Badger in a tale of adventure and camaraderie.
The VIP guests handed out 22 prizes of paperback books and record tokens.
Lindsay Campbell, head of the library service for children and schools in Wolverhampton, said that year's season of activities had been the most successful to date, with hundreds of children taking part in events at the central and branch libraries.
Mr Rat and Mr Toad are pictured outside Central Library with Nicola Harris, aged nine, Michael Redley, aged four, and five-year-old Jessie Hoskins.
The picture is reproduced as the Express & Star joins with the Grand to mark the theatre’s milestone 125th anniversary celebrations.
If you have memories or pictures, email email@example.com or write to 125 Memories Project, Wolverhampton Grand Theatre, WV1 1DE.