Hi Ray,
Yes it is, before I cleaned that part of the badge it looked like a makers mark, but in broad daylight you can see it is just the reverse of the enamel. It actually has a kind of crown shape, but that is just because I have been spending too much time observing Queen Vic stamp watermarks of late for another unrelated, tragically nerdy and quite tedious favour for a friend 🙄
Alli
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