Watch List notes:

GREAT BRITAIN, King's Liverpool 17/20 Battalions, 'Liverpool PALS' cap badge in silver as issued by Lord Derby (being the crest of Lord Derby AKA King of Lancashire) as a personal gift to all volunteers who joined prior to 16 October 1914, hallmarked for London 1914 by maker E&Co (Elkington & Co), two copper lugs on reverse. Some metal bubbling around markings on reverse, otherwise uncirculated and rare.

With research.