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Pirate Badge? Shelby?

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ratina

Wore out three sets of tires already!
Thought this was cool so I picked it up. From the little I can find researching it, it appears to be a 1940 Shelby badge? Is it a 1 year badge? What value does it have in it's current condition? I can't even find a single picture of a loose one. Any help would be great, thanks.

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