Interesting.

That I don't believe I've ever seen a color photograph of before, certainly I've not seen one in person, but I've heard of them.

For a significant period of the Vail medal being issued (my way of hedging, as this aspect of the award is not all that well documented) I believe you were issued a brooch or abutton with a miniature, depending on your gender.

See p234 of the May 1922 issue of The Numismatist, an early reference. At that time they were issuing the medals with a brooch of the reverse, the item you show, forwomen, and a lapel button for men.

A much more recent instance of the lapel button (now referred to as a "tie tac," at least by one eBay seller) is one awarded with a gold medal in 1987 and now on salefor eBay:

In that case there was also a 2-sided miniature on a chain:

The recipient got a Carnegie medal also.

(As a side note: I'm not quite sure that the eBay seller understands the value of keeping sets together. The medal itself is being held back to possibly donate to anappropriate museum, but the ancillary bits are being sold piecemeal on eBay.)

Dick Johnson adds:

For more information on the event and award, see:
15 Minutes of Fame (http://gregoryprobertson.com/15minutesoffame/awards-honors/)

To read the complete eBay descriptions, see:
AT&T GoldVail Award Medal Tie Tac Awarded For Skydiving Air-to-Air Rescue(https://www.ebay.com/itm/AT-T-Gold-Vail-Award-Medal-Tie-Tac-Awarded-For-Skydiving-Air-to-Air-Rescue/113846909241?hash=item1a81cdf939:g:MkUAAOSweGpc0JHa)
AT&T GoldVail Award Medal Necklace Awarded For Skydiving Air-to-Air Rescue(https://www.ebay.com/itm/AT-T-Gold-Vail-Award-Medal-Necklace-Awarded-For-Skydiving-Air-to-Air-Rescue/113846803417?hash=item1a81cc5bd9:g:htQAAOSwok9c0J3e)

To read earlier E-Sylum articles, see:
1925 THEODORE N. VAIL MEMORIAL MEDAL (https://www.coinbooks.org/esylum_v17n25a10.html)
MORE ON THE VAIL MEDAL (https://www.coinbooks.org/esylum_v19n20a19.html)