An Eskimo Pie (ice cream) prize winner's certificate. Entitled the bearer to one Eskimo Pie won in the "Yo-Yo Contest".
It's unknown what a yo-yo player had to do to earn the certificate. The certificate looks like it could be custom printed for other types of events, not just for yo-yo contests. The original expiration date was April 1, 1950 (I can't imagine too many people were eating ice cream at that time of the year). The date was over-printed with strike-through and a new expiration date, June 1 1950, was printed directly below.