Royal Fusiliers - Bullion ID

[Jelly Terror]

Trying to ID this Royal Fusiliers bullion badge (length approx 62mm). I think it is a collar badge, though cannot quite seem to nail it (shown alongside OSD cap badge for scale)

RF a.jpg RF b.jpg

Churchill illustrates a similar badge (Fig. 204) but describes it as being 'imitation embroidery', which my example is not.

The only other close match in Churchill is Fig. 193, though this seems to be somewhat smaller than my example.

Perhaps I have missed something. Help appreciated.

With thanks,

JT