Simon,
Other than being used to reinforce the badge when it had the brooch fitting attached, I cannot understand why anyone would do that to a badge.
There are 2 examples of this design illustrated in "Uniforms of the British Yeomanry Force-The Duke of Lancasters Own Yeomanry".
One is described as "OR`s gilding metal badge on blue dress forage cap 1900-1914,in bronze on on khaki service cap 1909-14"
The second smaller badge is described as "OR`s gilding metal probably post 1920 "
This might at least explain why your example appears to have a bronze finish.
P.B.
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