Wow! I was surprised to log in and see so many responses. Thank you so much for your extremely helpful info.
This is the clearest I that we could scan the picture. This is actually enhanced quite a bit using photoshop, as in every other photo it is much harder to see.
We aren't sure what the writing says and that is, I guess, what we are trying to decipher. I now agree that it probably says RAF on the left hand side at the top. What i know is that he was an airman who was employed on the repair and maintenance of aircraft armament equipment. He was in India for a few years and was awarded a Burma Star.
He didn't really talk about it much. He actually told us grandkids that it was an anchor (it was faded enough by then that we believed it!).