I recently picked this badge up in a misc. group of insignia. Here we have a Master Parachutist badge that I am assuming is from the 1970's. What is most interesting about the badge is that it appears to have been die struck in brass and then polished to a high sheen.
Anyone who has ever been to airborne school at FT Benning is probably familiar with these badges as they are worn by the instructors at the school. The infamous "Black Hats" wear gold wings on their caps.
The badges are actually subdued metal badges where the black finish has been removed. After that, a long period of shining and buffing takes place to give these wings their rich, golden appearance. You can also occasionally find these in the senior and basic parachutist grades.
This example bears the V-21 maker mark for Vanguard.
I hope you've enjoyed getting to see it.