Street vendors in Naples, Italy used to hawk them to American sailors for a buck when our ship pulled in back in 1971. “Hey Joe. Flying cock and balls?” They’re probably still selling them today. Some things never change. 
Here’s one I found through googling: http://www.liveauctioneers.com/item/23712550_wwii-silver-trench-art-key-chain-cock-and-balls
FWIW, the scientific term is “apotropaic”, Greek root, meaning “that which wards off evil spirits”. The Greeks also were lucky phallusmongers.
Good luck springing that one in conversation.
I bet it’s one of these with the lower part of the propeller broken off.
Ranger Jeff Respectfully, not a chance. My zeide Herman had plenty of pins with propellers on them. He also had a winged penis souvenir. There is zero chance it was anything but a winged penis.
Oh and since it is veterans day, I’d like to salute all the vets on the SDMB. Cause, freedom isn’t free.
I just was talking with my Grandma, who has 2 of these. 1 from her late husband, who was in the Army and my current Grandpa who is 96. The winged Penis was actually an award given from your commander to you for a job well done, so similar to being “coined” today. It was “from the head Prick of the regiment”. They would wear them on their collars or as a tie clip.
Now you know. I’ll try to get him to tell me more about it, but wanted to share what I had found out tonight, since there seems to be a lot of people looking for the information.
Welcome the SDMB, NrsSteph.
I am curious, what country’s army did your relatives serve in?
I remember the “hey, Joes” in Naples in 1972-73, and I clearly remember them being for sale. Never could bring myself to buy one
Perhaps a small penis got a hold of a red bull?
Simply_Cats, does it look like any of these?
My father was career Navy, and on one of his Mediterranean cruises he got a pendant like that. He said it was called the “flying cock and balls of Pompeii”.