Hi Tony, Very hard to say, but my first impressions are it looks OK. My w/m is very strong and the edging gives alot of re-inforcement. I notice yours is quite deeply stamped with the edging too. K & K only mention a w/m one. Is your just dirty or it is a blackened one ? As for the spots, who knows. Maybe it came from a different die. I would think that with all the voiding this would be a very time consuming badge to make so maybe more than one manufacturer was involved, hence the two rather than three loops. Does anyone know roughly how many a territorial battalion would need over six years of peacetime. As a footnote when I bought mine it also came with a pair of matching collars and all three items had the red felt backing. I'll re-scan mine on higher definition next week and send you the pics for comparision. Keith