This is one piece of  hard to come by, U. S. Army 1960's issue, U S Army 504th Airborne Infantry - 2nd Battalion Background Trim (Oval), (~1-3/8"high by 2-1/4" wide)  embroidered on blue twill cloth, with Cheese-cloth backing,  standard cut edge, in brand new (never issued) direct from government contractor condition. What you see is what you get. 

This oval were acquired from N.S. Meyer Inc. (New York) (one of the country’s leading high quality insignia manufactures).  What you see is what you get.

Having sold my U. S. Military Insignia business (H. J. Saunders U. S. Military Insignia, Inc. - America's Largest Retail Insignia business) after 35 years, in November 2003, I am now selling my personal collection, many of which are government contractors samples, accumulated over the last 50 years. 

Nice insignia for any collection.  What you see is what you get.