Lovely example and my best guess would also be Cupal. Only one way to known for sure. Put it on a scale and if it weihgs between 11 and 13 grams its cupal.
@Robert, I wouldn't call this a punch mark but rather a well definted track link
Here is a pic of the left track, no punch holes just as Philippe says, just well definded track links.
The badge is Cupal it weighs 12g again right Philippe. I must also give Philippe and Frank credit again for giving me tuition in the use of my new scanner, the pics are just brilliant. All I need now is to be able to photograph close ups like Robert has shown, working on it!!!
Here is an other Tip for a quick positive identification of a Cupal Assmann both bronze and silver. Alsways lookout for the typical black discoloration on the reverse. This is a unique chemical reaction between the cupal and the type of finish Assmann used.
@Sal: can't wait to see your collection. Please start by showing us the badges where you preformed indepth study of the material
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