A 2-color 18 trick Cheerio Silver Award patch earned by Gerald Schick.
White embroidery on heavy blue felt. It's fairly uncommon to find Cheerio felt patches that have been cleaned or washed, especially if they were sewn onto a shirt or jacket. The main reason was because the felt portion was not colorfast.
Note also that Cheerio did not use a mesh backing cloth to add structure and resiliency to this patch. This manufacturing technique was used on other Cheerio patches as well.
In 1954, Duncan bought out the Cheerio brand in the U.S.