FlatheadCoupe is correct when he identified this Badge as part of the Locking Hubcap, however, it is only correct for the 1932 Ford V8 model.
The 1933 Ford Hubcap and Locking Hubcap received a more stylish V8 emblem.
Please refer to attached pictures of a 1933 Ford V8 Locking Hubcap, which shows the Centre Cover that rotates.
The Locking hubcaps in the 1932 and 1933 Ford 4 Cylinder models simply had a small Ford Script on the Centre Cover.