Hi Wayne
I think you are right that it is an early version. The central jewel in the crown was changed in the Royal Navy from red to blue in 1921 and it seems reasonable that the RAF did a similar thing. I have later RAF cap badges still with the red jewel but with the later shape of badge so they obviously weren't strict about it. The whole shape of your badge looks like an early version though. Nice one!
Cheers,
Alex
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