Please write out the raised inscription. For me, the out of focus image is difficult to fully make out. What's the size of the medal?

Indeed! The "Phantom Pherret" looks rather freaky. Guess it was used more in the Navy than the Air Force. My guess is that the "Support" patch was for AGE. Maybe supply but I doubt it. 

That is pretty neat. It looks like they fit in there nicely.  mikie

There is apparently a “Pherret” and “Support” version too.

Heres a nice one I picked up today.  Its got the wrong era sweat band in the liner, but other wise, its a nice example. Firestone Liner  

It is new to me too. But it makes a lot of sense. If you only had 1 or 2 mags for your .45, its better to have 8 rounds ready to go in a neat little package to reload your mag. 7 in the mag 1 in the chamber. I like it!  vs loose rounds or card board boxes. Nice pic. Phantom! Thanks to BePhreed the OP for posting this. Nice learning something new!

Thanks Marv. I mentioned that in my post but the information conflicts with other comments on the forum regarding the steel hanger. Regards 

Thank you! I saw a "Phantoms Phlyer" version at the Sithsonian last year and got inspired. Coming from a MX background, I'm glad to have this. 

It's a 50's squadron patch with a Schmoo on it.   Can't remember the exact designation.