Original (1st issue) U.S. Air Force Parachute badge. Issued officially from 1956 through 1964 when the Air Force went to the U.S. Army style badge.  Variations include: 7 or 9 risers, vaulted (convexed) or flat; basic, senior or master grades; sterling or non-sterling, clutchback, from various manufactures.  I've identified the following: NS Meyer, AC Frank, HLP, Vanguard, Krew, Denmark, Gemsco and unmarked.  There may be more, but I don't know.  The shape of the shield varies slightly between vaulted and flat. Shown is a Senior badge in sterling, 7 risers, flat, clutchback from N.S. Meyer, NY.  The 9 riser vaulted varieties would be considered  early "type 1" badges and were very short lived (less that 2 years).  The 7 riser flat badges are the "type 2" later issue badges.  And then I have a Vanguard marked 7 riser, flat badge that is domed (flat back with a domed front)!  This would be a "type 2" badge.  Sterling and non-sterling examples exist in both types. Bullion badges were made.  I had one made by Gemsco in it's original plastic sales box.  The bullion badges were prototypes and never authorized for wear by the USAF.  Then there were cloth badges that were made "in country" during the early 1960's by personnel stationed in Japan that were authorized to wear the badge.  These are perhaps the rarest of all of the first issue badges including sterling. 

Thanks to Robert K. Suchke for his help in ID'ing manufactures.

Sincerely,

Brian P. Temons