I discovered that the torpedoed pin with the V is part of a set of two pins awarded by the National Maritime Union. Ian Millar wrote an article about them in the OMSA Journal in 1991 (Vol. 42, No. 10). Here are the links because the article is split.
I actually picked up both of these years ago at the old Lakewood Flea Market in Atlanta. I saw the torpedoed pin and thought that was really cool and was about to buy it, when I noticed the other union pin that was in the same tray. I thought I'd pick it up too, not realizing that they went together. For once, I didn't do something stupid and leave half of something behind because I didn't know any better.