I’m Not Sure

I can only guess what this is supposed to be. Since it’s a 1940 cent I’m going with a V for victory in WWII.

 

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That's an arrow on the reverse, maybe a lapel type pin?

 

A WW2 victory pin most likely. This one looks like it had a pin attached at one time so that it could be worn.

Bruce

 

That’s along the line of my thinking but I really have no idea.

 

I first thought the Freemasons emblem. But it's only half of it.

 

These cents with a "V" on them are one part of pins made during WW2. The bottom cent that hung off the "V" cent was bent/ stamped to look like a solders helmet.
I have heard that they were worn by women that had a sweetheart in the millitary.
These are not good photos but you can get an idea of what the two parts looked like. The "V" part were painted Red, White & Blue.

 

Very cool Exonumia Alurid. @Collecting Nut you need to find that helmet.