This appears to be a vintage Cotton Cordell "Liveliest Lures" embroidered patch, likely dating to the 1970s or early 1980s.
Details
Brand: Cotton Cordell
Type: Sew-on embroidered promotional patch
Design: Cotton Cordell logo with a silver crankbait over blue water and the slogan "Liveliest Lures."
Condition: Used, with some discoloration on the back, light edge wear, and a few loose fibers. The front embroidery still presents well.