Hi Paul, without seeing the back it's a tough one to say yes or no. I have to be honest, if I saw this pic on Ebay I would be taking a position of leaning towards taking a pass.
Here's mine. It looks more defined.
http://www.britishbadgeforum.com/for...ictureid=81106
Pity they don't post the backs. A tough one all round to make a final decision on. I see your concerns.
Regards
Simon.