They may not have held the warrant at that time, a lot of these cards like the one in the op are just a worthless piece of card solely for getting more money for the item being sold, there was loads of reproduction US insignia at Farnham a number of years back with similar style and they asked for good money for junk and as said by the lady at Buckingham Palace who admistered the warrants at the time the card at the op is not a royal warrant.
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