NOS, never installed part.
There are some scratches UNDER the chromed portions of this emblem, typical of the manufacturing quality of the mid 1980's.
• Could be the reissued 1985 version
From Wikipedia:
"The 1984 model line included a limited "Indy Pace Car" edition, consisting of an Indianapolis 500-themed option package on SE-model vehicles (a package that was specially reissued in 1985). Approximately 2,000 of these vehicles were sold. The Indy had aero body cladding and new front and rear fascias that would be used on the 1985 GT. Only the underpowered four-cylinder engine was available, though a few prototypes could be seen driving around the Greater Detroit area with a unique periscope-style inlet sprouting from the engine compartment and curving up and over the roof. This "periscope" style inlet was used on the actual Indy Pace Car Fieros that appeared at the 1984 Indianapolis 500. This inlet scoop, and the 2.5 L Super Duty engine that they fed, were not available on the production model pace car replicas. Hoglund named Pontiac engineer John Callies to drive the actual pace car at Indy. Callies was the factory's lead engineer on both the pace car and IMSA programs. Fiero became the first 4-cylinder car to pace the 500 since a Stoddard-Dayton paced the 1914 race."