Alan
I don't think the badge was ever issued (even if a few specimens were made) for the very good reason that you pointed out:
"There seems to be a discrepancy between Princess Alexandra becoming Queen in 1902 and the double scroll elephant badge with it's incorrect and obsolete PWO title in 1903."
The problem was two concurrent Princess of Wales Hussars titles, one adopted by the 19th Hussars in 1885 for Alexandra (
http://britishcavalryregiments.com/39-19H/19H.html), the other by the 18th Hussars in 1903 for Mary. The 19th added "Alexandra" in 1902 to make a clear distinction between the regiments and also the former and present Princesses of Wales.
19th - So Princess Alexandra of Denmark was Princess of Wales from 1863 to 1901 and Queen Consort from 1901 (Coronation 1902).
The regimental titles were:
1862 19th Hussars
1885 19th (Princess of Wales's Own) Hussars [For Alexandra]
Badge: 1900 Dress Regs Single scroll elephant "19th P.O.W. HUSSARS"
Sealed about 1896? (ref NAM).
1902 19th (Alexandra, Princess of Wales's Own) Hussars
Badge: 1904 Dress Regs Double scroll "19th (Alexandra P.W.O) Hussars" Full stop omitted after O. Presumably this is Pattern No. 4659a/1903. An OSD in bronze is also listed and smaller collars in bronze!
1908 19th (Queen Alexandra's Own Royal) Hussars
Badge: "A" with coronet and cross (Dannebrog) (Pattern No. 6968/1909)
1921 19th Royal Hussars (Queen Alexandra's Own)
Also 4659a suggests there exists a 4659b but could this be just a change from loops to shank?
18th - Princess Victoria Mary (Mary of Teck), married Prince George, Duke of York (later George V), in 1893 and he was proclaimed as Prince of Wales on 9th November 1901, so Mary was the Princess of Wales from that time (not Alexandra) and until crowned Queen Consort in 1910.
The 18th Hussars (title in 1858), was changed in:
1903 18th (Princess of Wales's Own) Hussars [For Princess Mary]
1905 18th (Victoria Mary, Princess of Wales's Own) Hussars
1910 18th (Queen Mary's Own) Hussars
1919 18th (Queen Mary's Own) Royal Hussars
1921 18th Royal Hussars (Queen Mary's Own)
Bill