Featured Plastic Keyring with Air-Cadet's Wings Dangle

I've posted it here because it's small an' somewhat decorative, plus hoping a few of you joolies will know something about it.
Both of the rings are split, like a modern key ring; pic 4 shows an insert by way of demonstration. There's no UV reactance. The dangle is uniform, front to back (not a flat-backed impression). All 3 pieces are different colors. Very early translucent plastic technology, unless this is a modern creation (a knock-off). If genuine, it's from no later than the mid to late 1930's imho.
I've seen a lot of key-rings, an' no small number of Air Cadet wings, but this is a first for me. Your learned insights are most welcome.
Thanks for lookin'!

 

Isn't that interesting? Never seen anything like it. My first thought is that it's a gumball machine prize from World War II (hence the military theme and no metal ring.) Just a guess though.

Debora

 

Interesting!

Prop and Wings

 

Those look like Army Air Corps wings, so I'd guess some sort of homefront decorative item.

 

Agreed, there was no shortage of Homefront “sweetheart” mementos during WWII. The USAAC & USAAF are especially collectible