Cap Badge?
Tony,
You are quite right, your badge does seem to have been through the wars!
However, although the enameled example was certainly a mufti buttonhole badge, this round version was also used as a cap badge. Not in my album (I really must update it; it's been about 3 years since I last did!) I also have a headdress version of your badge, with a slider attached in the middle of the makers name at the top of the badge, and no signs of an other fixings.
Yours appears to have had a previous fixing removed, and loops fitted. Whether that fitting was a buttonhole or a slider we will never know, but I have only seen the non-enameled badges in "headdress" form, so I think it's a reasonable assumption that your badge is a headdress badge. That said, there is nothing definite in VTC collecting...
Hope this helps; best regards,
Tim
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