Calgary regiment with no overlay
 

Picked this up today, is it just unfinished? No solder residue present where overlays should be

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I'd say it is just an unfinished badge, or one that has lost its overlays (despite lack of any residue or indication of former overlays).

I agree with Bill. Either a damaged or unfinished badge.

The Calgary badges are a really nice design and really well made (varieties exist by Birks and Scully with little difference between them)

A lot of Calgary Tank Regiment badges are missing at least one overlay, usually the sunburst at the top. It appears a very minimal amount of solder was used to tack them on and fair enough, the sunburst overlay is very tiny.

I saw this on display at Calgary's Military Museums and thought it was interesting. This is the cap badge of Capt. AJ Charbonneau, MC, CD.
It is missing the sunburst...

POW made Calgary Tank Regt. badge
 

This was another display at the Military Museums from a Dieppe Raid POW. (Sorry for the blurry photo, I only had my phone and it was way at the back of a display case.)

An all white metal, rough cast badge, made from foil and buttons. Interesting item.