The example you have does have a small area at bottom of shield where a former hole was previously. You can see the original raised drill flange build up around hole that was created around the hole pock. They did not bother to fill in before recasting. This is a red flag for me. If an original piece that pilot hole would not have been present in my opinion. I believe the piece you have was cast poorly from an original. The entity replicating it did take the time to free form out the wings where likely there were 2 more holes present but failed to fill in the bottom hole before replicating. The paper back could be doctored for age with paper and a font to match period type font. There are too many read flags with the numerous poor casting pocks throughout. As you originally stated it was cheap so the positive thing is you are not into it for much.by thecyclist64
You asked for opinions. It is only my opinion along with a couple medal experts that it is a replica / repro. I hope you can some how find more data. Unfortunately there is no 100% proof either way but there are too many red flags for me as I further examined the pictures. I used to make moulds for brass and also resin.
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