It seems to me that I've seen this pin before as a "Caterpillar Club" type of pin. It looks to be war-era, as the chute depicted has no glide panels to it, and the man dangling from the chute looks to be wearing a regular flight suit etc. There were many variations on the bailout aviator pins and I'm almost certain that this is one of them I've seen before. You see the red eyed straight caterpillars, the humpback fat caterpillars, the sea squatters, the goldfish clubs, the winged boot pins, patches etc. There were tons of different pins-both "semi-official" and "non-official".