This is a rare Royal Canadian Air Force Flyers pin from the 1948 Winter Olympics held in St. Moritz, Switzerland. The RCAF Flyers were a Canadian amateur ice hockey team, based in Ottawa, which skated to an Olympic gold medal during the 1948 Games--Canada's fourth gold medal out of the first five Olympic hockey tournaments. In his book entitled Gold Medal 'Misfits', Pat MacAdam chronicles the amazing story of this rags-to-riches team that made Olympic history. This pin has a value of $50.00 to $75.00 USD, though it is very rarely available for purchase. In 2011, I saw this pin sell for $202.92 USD.
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