Cheerio Contest Winner double wing patch award. Patches such as this one were often sewn onto a sleeveless pull-over sweater, like the one yo-yo professional Allan Howard Graff is seen wearing in 1952.
The size of this patch suggests that it is from the late 1940s to early 1950s. Unlike many Cheerio patches that were made from felt, this patch is made from a navy, heavy gauge cotton cloth. Notice that the wing edges are slightly scalloped.
This patch was also made in a white, heavy gauge cotton cloth with blue outline embroidery and red lettering.