This is an iron on patch, awarded for First Place in a Cheerio Yo-Yo Contest. Unlike the standard cloth patch, this one is a vinylized patch with clothe backing. Notice that the patch uses the term "Yo-Yo", which means this one is a Canadian patch. It was also from the Barney Ryan collection, which provides more evidence.
Click on the link to see the back of the patch. The has instructions attached on how to apply the patch.
