Definitely an officers' badge with the silver "VRI". Time period for the pattern is after 1926/7 and could have been in use up to and including the post-Second World War period to as late as the 1970s - officers who had quality badges would hold on to them well past their dates of purchase/issue and resist changing to newer (sometimes lower quality) badges.
It's an early slider variant and clearly not one modified from a previously lugged version.
In my opinion it's most likely a forage cap badge of the 1930s/1940s.
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