Never seen this before either. Having the pin set up upside down is odd too.
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It looks good from the front. However, as Ade said, the upside down pin is unusual. As a hat badge, I would expect to find prongs on the back.
LIFE'S LOSERS NEVER LEARN FROM THE ERROR OF THEIR WAYS.
I concur with Bob, this is a painted cap insignia, but I would expect the prongs as opposed to this set up.