Watch List notes:

Royal Exchange Assurance, badge in silver and enamel (24x38mm), hallmarked for Birmingham 1942 by maker 'HCF Ld (H.C.Freeman Ltd), pin-back, obverse Queen Victoria Crown over Royal Exchange Building with R.E.A.1720 bar below (50 years since rebuild in 1670), reverse in relief, 'From The/R.E.A/To/ engraved 'I - M'/A Souvenir/Of/Good Services/Rendered/In/Time Of War'. Extremely fine.