Your jacket is probably a piece of memorabilia made for the movie 'Flying tigers' with John Wayne... or otherwise a John Wayne collectible. It may be an original bomber jacket repainted for private use, such as the various bomber jackets worn by bicycle gangs, but I am pretty sure it never saw actual service.

The AVG ('American Volunteer Group', the original Flying Tigers) in China did not have U.S. Army clothing, but made their uniform from whatever they could buy on the free market. Their flying jackets were in fact a special version of the windcheaters worn by U.S. tank crews and their insignias were patches that were sewn on, not painted.