A hard-to-find Duncan Yo-Yo 1948 Champion patch on heavy red felt, with white imprint. I have seen this same patch, but cut out in a circle that followed the outside white perimeter. It is not clear why this patch was cut out as a square. The design and material suggests that the patch may have been among the first award designs that Duncan made following World War II as they began ramping up production and re-introducing yo-yo contests. The square shape may have been how is was awarded and the winner was required to trim away the excess fabric. It is difficult to know for sure about this patch's history; the patch itself is uncommon.
