It looks like an original badge with a repaired hinge. There is filing across the reverse and it appears to have some type of finish added to cover the repaired area. If the hinge tabs are damaged from snagging on something, the only way to make a repair is to solder on the hinge and reshape the bend of the pin.
Bob Hritz
In the land of the blind, the one eyed man is king.
Duct tape can't fix stupid, but it can muffle the sound.
Bob, that is what I originally thought too. Look at the lower left rivit. See the two dimples? I have only seen those marks on fakes. That is enough to put me off the piece.
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