This is a commercial copy of the Apollo 7 mission patch. Apollo 7 was launched on October 11, 1968, and returned after almost eleven days in Earth orbit. It was the first human spaceflight in the Apollo program and had as its primary purpose the testing of various Apollo spacecraft components. Walter Schirra, Donn Eisele, and Walter Cunningham were the astronauts.
The iconography of this patch illustrates the mission objective: orbital tests of the command and service module (CSM). This replica was made for commercial sale. Mance Clayton donated it to the National Collection in 1982.
This object is not on display at the National Air and Space Museum. It is either on loan or in storage.