This is one of the most popular of the Pan American World Airways Patterns. It's called Wave and is a white on white pattern.
Manufactured by Bauscher Brothers, it dates to the mid 1980s. The cup stands 2 1/8 inches tall and the underplate, which could also be used as a butterpat, measures 3 1/4 inches in diameter. Both pieces are in MINT condition and both are backstamped for Pan Am.