Among the items issued to astronauts are velcro-backed leather name tags that can be attached to flight suits and jackets. This name tag is a spare for astronaut Michael J. Smith. He was pilot of the 1986 Space Shuttle Challenger mission (STS 51-L) that ended barely a minute into launch when the vehicle was destroyed and all seven astronauts died.
NASA transferred a number of spare astronaut name tags to the Museum over the years, including this one in 2000.
This object is not on display at the National Air and Space Museum. It is either on loan or in storage.