Printed Pegasus- Fine Weave Versions

[tcrown]

It is widely accepted that Printed Pegasus, as many other insignias (see https://www.britishbadgeforum.com/fo...ad.php?t=72788), were produced using two type of cotton fabric (drill #2 cotton of coarse weave or a satin drill #2 cotton fine weave).

A pair of Pegasus was sold recently on EBay that was quite intriguing to me (see photo). I believe this pair, which I will call 2nd type, is genuine but its characteristics are quite different from a WW2 variant that is well documented in O. Lock's book. I've attached a photo of this last variant (1st type) for comparison (thanks to David Hiorth from militaryantiquestoronto.com)

Both types are printed on fine weave cotton but the 'ghosting' is definitely more pronounced on the second type. I'm wondering if this one wasn't produced in the early post war years. Thoughts?