3/4 of the button is blue and the bottom 1/4 is red. In the blue portion there is a upward facing red rocket ship.
This button is a piece of merchandise that ties in the the popular 1950s television show Space Patrol. The show began in 1950 and ran for a little over five season. By the end of Space Patrol's run it was constantly ranked in the top ten television shows of the time. The show was so popular that ABC aired a weekly 30 minute program and lesser local stations aired 15 minute programs either daily or weekly.
Since it appealed to such a wide audience and fell in the science fiction genre, it was the first large experiment with a 3-D television broadcast. While the show had overtones of Cold War ideology, it set the stage for future shows such as Star Trek and is considered an innovator in the genre. Being largely popular among younger generations, kids could become members of the Space Patrol Club, and proudly wear the button shown here.