Very interesting item. Just like the 1935 Winner above, but the date and company name was not added. This belonged to Barney Ryan, of Cheerio. So was he planning to add the Cheerio name to this Duncan BLANK? And where did he obtain a Duncan Blank? It was never sewn, as you can see from the pictures. Click on the reverse view to see the sewing pattern on the back of this patch, for "1935".
Also, it shows Duncan was also keeping some blank patches available, to add names of unpromoted lines, or different dates as needed.