Nose emblem question

[LannyL81]

Just noticed last week (after owing this car for 8 years) on the nose emblem on the passenger side this gold "crest" for lack of a better term. Anyone know the story behind this? I thought all this time that there was just the checkered flag.

 

[bill81vette]

I remember at the museum last year,they had mentioned why the crest was on there,I seem to remember that it replaced the American flag,which at the time could not be used like that(1953 era).
I forget the exact reason....