Hi -I've been a forum member for a little while but this is my first post. I have one of these badges and have also wondered about its origins. I've noticed more than one variation of this badge. The one I have has a gold colored finish applied to it, and vertical lines in the crown. I saw the recent ebay auction where the seller posted the photo of the woman wearing badge. That's the only period photo I've ever seen of the badge in wear.
Here's mine:
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