There are two of them for sale on ebay right now, one for "buy it now" price of 25 bucks, another for 35 bucks.
Here is a picture of one of them. One of the ebay listings says it is a pin for Oregon Journal paperboys, and I found a reference dating it from late 30s to early 1940s:
The Oregon Journal was a Portland, Oregon afternoon-edition daily newspaper from 1902 to 1982. For many years it featured an "Oregon Journal Juniors" section for youngsters, and there was also an "Oregon Journal Juniors" radio program. My guess is that these pins were premiums of those, rather than newsboy badges. In fact, aviator-style wings badges were a very popular type of premium (radio, newspaper, breakfast cereal, etc.) from the 1930's to the early 50's.
An Oregon Journal ad from 1938 indicates that Oregon Journal Juniors promotions were ongoing at least as early as 1927.