Vintage V for Victory air corps sweetheart pin. Large letter V with a military hat with the US Army Air Corps insignia. Marked Sterling on the back. Nice statement piece. The "stones" look to be marcasite rather than rhinestones. It does have some overall wear, discoloration and what looks like a bit of rust on the back.
This pin was made different branch insignia on the hat (Navy, Army, Air Corps, Marines, etc).