This has been discussed before and despite the label of 'anodised' and it appearing in the hand drawn a/a badges pamphlet, the badge is not a/a. It is an anodised ie shiny finish on a base metal.
The same shiny gold finish on base metal can also be found on a few school CCF badges dating from the 1960s.
It's a curiosity but such an unattractive badge I wold not pay much for it.
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