Hi Geoff,
From the Australian point of view it is just a trade badge, introduced in Standing Orders for Dress 1935 for Rough Riders of Remount Sections of the Permanent Military Forces.
Only eight (8) were required each year so I imagine they are rather scarce. In 1940 the finish was changed to oxidised copper and the conduct of skill-at-arms testing and award of prizes and badges finished in the 1940-41 training year.
However they were also worn by the City of London Yeomanry (Rough Riders, with the spur in white metal and the letters in gilding metal.
Yours appears very similar in design and markings to the oxidised copper examples I have seen, which differ in the back of the Rs and in general construction from the British badges which have the letters made separately from the spur.
Keith
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