Hi Pat, First off, the BSW firm was not a known maker of Observer Badges. No original Observer has ever surfaced with the known and accepted characteristics of the BSW firm. Secondly, there was no manufacturer, pre, post, or wartime with the initials "SBW" It was BSW and only BSW. The BSW stands for BRUDER SCHNEIDER WEIN . If you will, please add these "SBW" badges to the appropriate "FAKE....."sections listed at the top of the this Forum - it may help others in the long run. ERIC