I'm guessing you've got the "HMNZ Transports badge" that is a similar style to the silver "Admiralty" one , they are also quite rare over here and go for £80.00 - £100.00.
I wonder if some of the 'painted' modifications were done to make the badges look more like the earlier 'unofficial' ones ?
Here is a horrific modification (on eBay at the moment) , button hole fitting removed and lugs/loops added !
