White silhouette of a trophy and capitalized white text atop the image of the badge of a red ribbon, all on a white background.
US PAT 2762146
The Sputnik 1 satellite was launched in 1957 by the Soviet Union, and was the first artificial satellite successfully launched into space. Americans (in the continental United States) often played "Sputnik Spotter" to attempt and see the satellite in the sky outside of their homes. This button references that game, providing a First Prize for the best spotter.
This button is part of a series of ironic "First Prizes" that offer an award for something that is generally seen as humorous, but negative.