The centre badge does look like a 1WW CPOs badge (Civil List), it has the right construction with the broad anchor, which I assume to be gold, and the back definitely looks 1WW The big debating point would be the colour of the centre "jewel" red or blue. If it is blue it could be just in that change over period 1921-22 when the colour of the "jewel" was standardised as blue. Although there is still debate on this forum about whether blue was used in the 1WW as well as red and was standardised in 1921.
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