This is an actual contestant badge from the 1971 US Open, which was won by Lee Trevino at Merion Golf Club. This badge was issued to Dick Stranahan, and still contains the paper insert with his name. The badge is in excellent condition. 150 golfers participated in the 1971 US Open, and this badge was issued to one of those golfers.
Back in 2004, Gilchrist's Guide to Golf Collectibles listed the value of a 1971 US Open Contestant Pin at $600.