Help With Divers patch

Hello all I recently picked up a box of goodies quite a mixed bag of goods there are some older reproduction items mixed but most is original.This piece I have no clue as I have never seen one before I have heard there are several variations but would appreciate any help as far as if this is a recognized pattern or a fantasy piece The backing is a fabric and not paper as is usually seen on most patches.Regards,Geoff


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