This is a Loon missile, an American copy of the German pulsejet-powered V-1 of World War II. It is shown painted like the V-1, with war time German camouflage markings and colors, a scheme created by the current borrower, the Museum of Transport and Technology. The Loon was designed to carry a 2,200 pound payload to a range of 150 miles at a velocity of 375-400 miles per hour.
First appearing in 1945, the Loon could serve as a surface-to-surface or air-to-surface missile, although it was primarily for the former role. In 1950, the Loon project was cancelled and was replaced by the Regulus missile.
The U.S. Navy transferred this Loon missile to the Smithsonian Institution in 1966.
This object is not on display at the National Air and Space Museum. It is either on loan or in storage.