Very nice, Mike! I love it when you get these items still with their packaging (much like the odd OWS badges that still surface occasionally).
One wonders if the badges were ever worn by the recipient or if he (and she!) was just incredibly organised and always put the badge back.
The other option is a bunch of unissued badges floating around. One of our local ex-servicemen's clubs had stuff from the 1920's that had never been issued.
Through trading, I've ended up with one or two of them.
