I believe what you have there Leigh is a badge made from a cast of an OSD badge. You can see the scars on the reverse from the blade on the original badge used to create the mould. Note how it’s lost detail in places like on the crown and N in the process.
So a theatre made badge as they say... whether the theatre was the Hackney Empire or ye olde frontiers of Empire I’m no sage on these but I’d say it looks old and period.
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