This is an actual contestant badge from the 1934 US Open, which was won by Olin Dutra at Merion Golf Club. This badge is in excellent condition, and still contains its original celluloid tag for player #53. 146 golfers participated in the 1934 US Open, and this badge was issued to one of those participants.
Back in 2004, Gilchrist's Guide to Golf Collectibles listed the value of a 1934 US Open Contestant Pin at $1,250.