It’s a genuine badge from the Lambourne die.
As to the finish... I’ve only seen 3 others, including one at the Bosley’s auction before last. All were blackened, however one of these was covered modern gloss paint so it’s hard to say what original finish was and if this was a poor restoration attempt or a new finish based on an assumption.
From the photo there appear to be richer tones on the less rubbed surfaces. Would this appear to you in the flesh to be a factory finish? If so I think that is your answer here and more indicative of the badge merely showing no signs of blacking which if chemicals were used to strip it would similarly not leave a trace.
Mega shame about the slider. A badge I would dearly like to own.
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