Bonomo (BAH-nuh-moh) Turkish Taffy Duncan Yo-Yo Winner patch. Based on the back of the patch, it appears that you could iron it onto a piece of clothing.
Compare to the Runner-up version of this patch which has a smaller diameter.
The exact year that this patch was issued is unknown, but the simple design and single red color suggests it may be from the late 1940s or early 1950s. "Bonomo's Turkish Taffy" and "Turkish Taffy" became registered trademarks in the U.S. in 1946. Unfortunately, there is no "TM" next to the name on this patch or even the Bonomo's Turkish Taffy patches from the mid to late 1950s.