A large Cheerio Official Champion double wing patch in navy blue felt with red and white embroidery, from the early to mid 1950s, USA. The patch is 260 mm wide × 130 mm tall. Cheerio award patches were almost always made from felt and were not color-fast. Never try to clean a Cheerio felt patch.
See this same patch being worn by Canadian yo-yo demonstrator Allan Howard Graff circa 1952. Mr. Howard toured the USA as a Canadian Cheerio demonstrator in the 1950s.