I was under the impression the lugs with the round base where a sign to avoid the badge - is this always the case?
https://www.ebay.co.uk/itm/133560625919
This is a Guards badge, very well made by the look of the front with enamel, but at leat one lug is the dustbin lid type - is the badge real? If its not real, it looks well made to my untrained eye.
Its not my thing it just popped up in suggested, and the price made me look.