I really have no idea, was post in my FB feed.
This is just a guess, but considering the obscurity of the emblem and the star with a red background in it, maybe you should look into small car manufacturers that operated under communist regimes, there were many of them.
Says its '48 Oldsmobile
Edit: if I didn't know that every oddball emblem under the sun has been used on domestic cars of yore I would think eastern Europe too.
Website said: The "Winged Spur" Emblem This crest included many elements symbolizing Oldsmobile's increasing prominence in the automobile industry. The winged spur at its center represented harnessing horsepower; the acorns acknowledged Oldsmobile as a seed that helped grow the automobile industry. Also included is the Lamp of Knowledge and micrometer and a triangle signifying research, exactness and precision. This crest would continue to be used on various models and hub caps. The Winged Spur appeared on such vehicles as the 1934 Oldsmobile Six Touring Coupe complete with "trunk, built into the body." In 1939, Oldsmobile would introduce 1940 models with the industry's first fully automatic transmission.
A good reference is www.hubcaps.org They have pictures of old hubcaps indexed by manufacturer and year. The hubcap above actually looks like a 1950 model.
Something else you'll run into once in a while are aftermarket caps from the 1940s or 1950s that look like OEM, but the emblem will be off - since the manufacturer didn't have rights to use an Olds emblem or Chevy emblem or whatever, they'd make one that looked pretty good from 10 feet away.
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