Eric,
I'm on thin ice here. I'm sure someone more knowledgeable can help out.
In the photograph it looks as though the Officer has just received his Commission and is about to "deep-six" his Chief's cover in a time honored ceremony.
Best Regards,
Gunny John (USMC, 1979-1992)
(AKA "Boats"; USN PO3 1962-1965)