Silver, gilt.
Marked with French boar's head silver hallmark indicating .800 or greater fineness practically unreadable manufacturer's mark.
This badge was manufactured by the Chobillion, Paris https://asiamedals.info/threads/orders-of-st-george-made-by-chobillion-paris.25688 or Lemaitre...
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chobillion workshop
french-madebritishorder
lemaitre & fils
order of saint michael and saint george