Tom,
I have seen a number of badges produced in this anodised bi-metal finish. Some are obvious fakes as they represent much older Regular designs.
However don't throw it away yet as in the case of schools its possible that there cheap nature is because the schools bought their own badges. A/A badges were expensive so some CCF badges were made in other materials. provenance is everything so I would see if the school has an old boys site and ask them about that the CCF wore in the 1960s.
Alan
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