In my opinion the fault would have most probably started as a cavity in the metal before it was rolled in to a sheet or a wrinkle that has been rolled flat over and into the surface, it's another of those badges which fall into the same category of misshapen wrongly stamped badges made during press set up operations or overlays and sliders which have moved while brazing, not a badge which has been specially made and one to keep an eye out for as there isn't another one exactly the same.
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