I was happy to find your site. I graduated from MACV Recondo School in 1968. I was with the 101st (ABN) 3/506th E company (LRRP)
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This is a museum quality sterling silver reproduction of a World War II Paratrooper Badge with an USMC EGA attached pin back based on an AE design. A marine upon completion of jump school is awarded the standard Army Paratrooper badge until they have completed their fifth jump for the USMC Badge. Of course some Marines would not wear an Army badge so I am sure this was made to show they were a Marine and proud of it.