hmm. I'm going to stick my neck waaaay out on this one and say it's good.
Bill A's concerns noted, I think it has just as many good qualities. Most notably for me is that the letters in the scroll are crisp, the fine stipling behind the letters in the scroll is well defined and intact, as well as the horizontal lines that run just under the canopy and behind the shroud lines to indicate the rear curvature of the canopy are also complete and well defined. These are invariably missing or 'mushy' in detail on fakes.
The recent G-max fakes have a very faint casting line on the back that runs horizontally along the top of the scroll, I don't see that here. Other have noticed telltale dents and dings in the canopy.
In comparison to fig. 155 in Ken Joyce's book "Into the Maelstom", the construction and long footed lugs appear the same, as well as a surface defect on the feather just to the left most shroud line.
To Bill's concern about some of the stippling on the reverse side, this could just be surface blemish from a worn die or defect when it was given its gold wash coating.
To me it appears to be a fine example of an unissued badge?
Discuss...
