Given the cess-pool of people who deal in TR, I believe it is highly, generously, fantastically over-optimistic to think that "anyone but the recipient" would have engraved it. Doubting Thomas I may be, but no fool am I with my money. LOTS and LOTS and LOTs of people-VERY BAD people- engrave all sorts of things onto badges, SS rings etc. for PROFIT! This has been going on since the early 1960s and without IRON CLAD provenance, it is AT BEST a BIG and VERY DANGEROUS GAMBLE that this is an original piece-in my opinion. This has the classic template of an antique fake/con job: 1. rare item 2. made even rarer /special by engraving 3. lacks any provenance 4. easily made compared to say, a Rembrandt painting (and those are faked too) 5. Big Bucks if real (profit motive) 6. engraving style is easy to create (block letters) and not uncommon in post war pieces and can be done with a $35 engraving tool. I myself do this for the state for our Gold Star medals once a month. 7. Lack of oxidation/patina on reverse. (cite: the Antiques Roadshow newsletter on silver engraving fakes from @ 2002, see also the Skinner's Guide to silver engraving forgery) I would say it's worth $100, IF that was an original badge and I would not trust that it is without handling it and having at LEAST two others I know and trust look at it. In my opinion, the post-war engraving has ruined the badge as effectively as if someone had run over it with their car. Perhaps you may wish to shop this around for second and third opinions at other more inviting and perhaps knowledgeable TR forums-like the WAF? By the way, just for your own personal information, I am the guy who first started running these badges through NMR machines at MIT 11 years ago. Weights, measures and even a bit of chemical testing are not unusual for ancient coins that sell for FAR less than 1,200 UK pounds (@$2,000).