Made by a Wellington maker, C.M. Bay. You may find that it has a very small "R.D." (Registered Design) number on it somewhere - e.g. "R.D. 380".
I've heard that Bay (or his agent) would visit the camp(s) on a semi-regular basis to take orders and even produce designs for them.
At the back of my mind too is a half-remembered story that they had what we would today call a "pop up shop" selling the badges.
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