M 1949 Merchant Fleet senior officer hat badge, circa 60s-70s.
Bullion embroidery on approx. 85 x 85 mm black cloth backing; the embroidered part measures approximately 75 mm in overall height, 65 mm in width in the widest section. In excellent, near mint condition, unissued.
/Kutsenko, Hat Badges, page 26 fig. 8/