Mark - Thank you for clarification of the Hallmark. Now that you explain, the anchor and date letter are clear. The only additional comment I would make is that Pegasus items are in great demand - patches and the like - and with your item being so very rare, of such quality and clearly original, it has some considerable value, not only intrinsically but as a collectors item which would be in great demand. If only you could establish provenance - who bought it and for whom ? Not, I suspect, an enlisted man and probably an officer of means. I repeat what has already been said - a very, very nice item. Thank you for sharing it with us. David