I saw this advertised on a local community website (Cheltenham/Gloucester area) and, recognising it as probably being off an RAF badge, snapped it up for £30. The seller got it from his parents and said it had been in his family for just over 40 years. He remembers it being painted gold at one point and the back of the thing has evidence of gold paint on it. He has no family connection with the RAF.
It clearly was part of a large RAF badge at some point as evidenced by the grooves on the back where it was attached to the circular part of the badge but I can't think where such a large badge would've been situated. I might drop the RAF Museum a line with the same query but in the meantime does anyone have any ideas where it might've come from?
No idea what I'm going to do with it mind. Perhaps mount it on the front of the car, Boss Hogg stylee.