Looks genuine and ok to me and very unusual . Its unusual in that most of the ones I have seen were done. The only issue about gold having hallmarks or not is that up to sometime in the 1970's Jewellers/Goldsmiths didn't have to hallmark private commission work at all - this was especially true of sweetheart brooches. I am also not certain about Davids suggestion that it might be an H.Samuel piece - I could be wrong. It would be interesting to try and find out whether they were Goldsmith registered in those days to do this sort of work. I have seen plenty of their marks on "normal" (i.e. domestic) silver - but never on any (military) badges or brooches etc. Saying that, its still a very nice piece and definitely unusual.
I am not a Parachute Regt expert, but I assume that this depiction of Pegasus
is in keeping with what it should look like.
It looks like it has a gold purity figure and I also can't quite make out (eyes are getting old...) the complete set of marks. If its not one of the British Goldsmith marks then the HS (obviously) could be another company.
Lovely badge and I have never one like this before. Well done.
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