Sorry, but it is definately not die stamped. The detail is far too weak (even allowing for erosion) for that and there are clear signs of a cast item in the quality of the surface both front and back.
That there is detail on the reverse that corresponds to that on the obverse is indicative of a closed casting mold rather than a one sided "open mold". I very much doubt that the material has any silver content at all let alone that it is stamped from silver sheet but you can't really be sure from a photograph.
Badges of the period do exist in cast silver from many nations but that is a different subject and this is not one of them.
It is perfectly appropriate to be asking about period photographs of an item in use / in wear because that can be some of the best evidence of authenticity.
I do hope you didn't pay "top dollar" for this or that you can return it because as already stated it is not an original piece. Likewise the ring.
Regards
Mark
PS It is not at all unusual for fakers to create a fake die in order to make stamped copies of expensive and rare original items.
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