After researching these two challenge coins, I'll post what information I have.
They don't appear to belong to any active squadrons, and a search of all acronyms brings no definitive imagery / symbolism.
It's two different coins, not the same one. Note the holes near the USAF logo on the 'Rainbow' coin,
and how the punch marks on the edge on both coins point towards the imagery.
So, here's my interpretation. The lightning bolts coming from the eagles eyes are used to represent communications / signals.
The eagle is either transmitting the signals, or disrupting the items the lightning is hitting.
Bolts from the clouds form an EW, which is a USAF acronym for Electronic warfare.
The spade is the symbol for special operations command (SOC), and also the CIA's special activities division (SAD).
This post!
>>127848
I think this anon might be correct about this, as the A-12's (earlier version of the Blackbird) first successful test flight was in 1962.
This would explain the lightning symbolism from the 'Lightning' coin, and would tie in with the date.
Lockheed A-12 was initially developed for the CIA, and beginning the research into 'Rainbow' coin made me realize even more.
The eagle within Rainbow coin has a thought bubble leading to the USAF symbol,
so the eagle in this coin cannot be representative of the air force. Military challenge coins often contain text,
or information about why they were given. The lack of information on these could point to secret service origins.
I start to look into SOC / CIA affiliations and find out they work together on covert ops.
Continuing down this thought trail, I search for the keywords "CIA rainbow nuclear 1962" then I get this:
https://en.wikipedia.org/wiki/Operation_Fishbowl
5 successful nuclear weapon tests conducted in space, just west of the USA during the Cuban missile crisis.
Bird looking to the west where the 5 stars are, there were 5 nuclear powers during 1960's?
Searching the digits of the file names produced a list of registered aircraft.
USAF 12490 was the registration of President Lyndon B Johnson's jet.
https://www.jetphotos.com/photo/7906317
https://detigeaircraftarchives.files.wordpress.com/2017/10/archives_aircraft_essai.pdf
Hope this digging helps. I'm pretty confident that these coins are related to the Special activities division.