"Spanish" pattern wound badge has anyone seen this pattern before?

[Adrian Stevenson]

Hi Guys, as I have had a digital camera for Christmas, I thought that I would take some pics of this badge out of my collection. I have wanted to post this badge in the past when we have talked about these badges but the lack of a camera prevented me.
The badge itself was bought by me over 20 years ago for £28 from British dealer Adrian Forman. I have never seen this pattern of construction used in this badge before or since. Any one else?
Cheers, Ade.

[Adrian Stevenson]

Reverse showing unusual pin.

[Adrian Stevenson]

Makers mark.

[Frank Heukemes]

Dear Adrian,

I have seen this pin construction before and although unusual I would have no problem with the badge.

Cheers, Frank

[Adrian Stevenson]

Hi Frank, thanks for your observations, which I always value. I have always liked the badge, it was just that the pin assembly seemed a very cheap construction.
Cheers, Ade.