BLACK SABBATH "Tony Iommi" small woven patch, vintage (c1980). It comes from a late 70s/circa 1980 deadstock: it's as new. Dimensions: W 7 x H 7,7 cm.
It comes from the same deadstock as the c1980 "Paranoid" one, and bears the same construction/production features. It was probably made by the same company around the same period. Plus it's the same design as the "Euro Tour 1980" patch (which is bigger and printed though).
As far as I know, it also exists in one other version, with white design and blue borders. The red one seems to be rarer. [Edit Oct. 3rd 2015: an orange design/black borders version was also produced]