The badge is indeed related to the Earl of Yarmouth. I believe that the badge was on the leather harnesses worn by the horses that pulled the state carriage for the Marquess of Hertford (who also held the title of Earl of Yarmouth). You will be able to find these harnesses and other examples of the badge in the tack room of the stables at Ragley Hall...as well as the state carriage. I have tried to upload an image of said harnesses.
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