I'm baffled by this - lol

Hi all for this from an estate sale. Mostly military items from WWII - this is definitely not military but I'm at a lost to figure out what it is

Obviously related to boating with the Commodore insert in the bar at top so figure it might be from a boating or yacht club? No idea what the eagle and the pendant with the number 2 has to do with boating so I'm baffled by this

Any buddy now what this is for- any ideas

Any help would be appreciated