Any idea ? real fake ??
it seems to be very crude in design the crown not being centred and not equal but it doesn't have any flash which is odd if it is cast so im going to let experts answer usually these badges are easy to spot fakes but im having trouble
Edit** fake they weren't hollowed out only whole variations were produced
It's real, just the cheap version and not silver, the better ones were of two piece construction, meaning they had a back soldered on so look solid but are hollow, the backs are either smooth or with a Ray burst design. I have a similar one but in black painted steel.
Here are some shots of my black steel pilots badge, it has been somewhat distorted in an impact. I bought it along with a silver rayback badge at a Sotherby's auction about twenty years ago.