Hi
I've got a few of these badges and also been keen to know what the purpose of the number was. I would say that the badges were numbered when they were made so Toye & Co would have been given instructions as to the range of numbers to be stamped on the back. I recall seeing a "97 A" sell on an Internet site some months back. The only letters that I can recall seeing are: A; B; C & D.
There may be an "E" lurking in my badges but I can't be sure. I'll check.
Chances are that they are "regional" groupings within the U.K. There were certainly Old Contemptibles that had their own very localised badge (Bath & Bristol; Northern Ireland; Wales and also New South Wales (Australia!).
I think that I've posted images of these before.
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