This is a 30-inch roll of two-inch lacing, available in both gold and silver, to be used as sleeve-stripe ornamentation on Merchant Marine uniforms. Note that the gold lacing is identical to that worn by Rear Admirals (lower half) in the United States Navy, Coast Guard, and Maritime Service; silver is worn in lieu of gold on many Merchant Marine vessels.
In the United States Merchant Marine, a two-inch gold stripe is used for the rank of Commodore, a title/rank that was discontinued from use in the United States Navy and Coast Guard in the mid-1980s. The designation of Commodore is also used by some ship lines to refer to their most senior Captain, Cunard Line being one example.
A single two-inch gold stripe is used to designate what are generically termed “flag officers” in various naval forces and fleets around the world, a phrase derived from the practice of issuing rank flags to General Officers (O-7 and higher) that may be flown at their headquarters or on a vessel. In the Navy, Coast Guard, and U.S. Maritime Service, the lowest flag officer is Rear Admiral (lower half), represented by a single two-inch stripe; an additional 1/2-inch stripe is placed above it to represent each successively higher rank. Silver stripes are not used in those services.