Watch List notes:

RUSSIAN MEDALS. BADGES . Aviation Badges. For Championship in the Competition. Silver and enamels. Badge in the shape of a green-enameled shield, a triangle behind with the letter 'ЦЛK' in the corners. At the center is winged wheel over a red-enamaled spoke, legend: 'CAPTAK' above on a banner. On the reverse is engraved 'P.. Фиш' and the numer '20'. Screwback. Very rare. Enamel loss on spoke. About extremely fine

Estimate: $3000