Stephen,
thanks for joining in on this one! First can I remind people that the economy when speaking about 1916 all gilding metal badges refers to "Time to manufacture" and nothing whatsoever to saving metal.
Although I suspect Peter has this one in the wrong category (i.e E.I. Issued badges)
http://ptaylormilitaria.com/id6.html
I can see his reasoning for putting it there! His definately shows some signs of genuine use?
Andy