I’d agree the die looks worn as opposed to the badge being polished. Couple very evident die flaws.
Could this be an old ‘Fox’ restrike Simon?
Those loops, especially the one of the left - bent, opened out, toned black, not footed, braze has gone black too with age. Not impossible to fake but lot of effort required. In short those loops easily look 100 years old to my eyes and I’d be happy with them on a Victorian/Edwardian cap badge.
Authenticity aside IMO it does has some age to it.
Cheers,
Luke
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