This is the Duncan Crossed Flags Tournament Yo-Yo.
One piece wooden Yo-Yo with Gold Leaf stamp Pink with white stripe. Lots of paint loss and scratches. The gold leaf stamp is in poor but readable condition. Looks like it was run over by a car. I can't say for certain, but I think it was Porsche driven by James Dean while on his way to the movie set to film Giant. Some say this unlikely because Dean was already dead when this Yo-Yo was made, but I say that anything is possible in Hollywood.
The registration mark between the yo and yo indicates it was made prior to the big trademark lawsuit.*
*Duncan had a famous lawsuit with Royal Yo-Yos over the use of the word Yo-Yo. Duncan contended that Yo-Yo was their trademarked name for the generic toy called a Return Top. Royal argued that Yo-Yo was the name of the toy and that Duncan couldn't trademark it. Royal Prevailed in the early 60s and after that time Duncan stopped using the trademark registration mark ® on the word Yo-Yo. Many Duncan Yo-Yos before that time will have the registration mark below the dash in Yo-Yo. This is helpful in dating vintage Duncan Yo-Yos and identifying genuine and fake vintage yo-yos.
*All of YoYoSam's Vintage Yo-Yos have been checked by a knowledgeable yo-yo collector for accuracy and authenticity. They are guaranteed to be genuine. Beware of fakes and inaccurate descriptions.
*Thanks to Lucky Meisenheimer for providing information on this yo-yo and many others in his book, Lucky's Guide to 20th Century Yo-Yos. The most comprehensive Yo-Yo collectors book ever written.