Usually such badgehave additional inscription on reverse. This thread devoted to badges without such insriptions.
1st variation in silver.
No.40
Most likely in the center two stylized kanji 日本 - Japan.
The potential problem with all these interpretations is that we don`t even know (for certain) the correct orientation of this emblem.
Due to the manufacturer mistakes it is sometimes positioned upside down
or even like this.
Reverse of the badge marked 銀 - Silver.
1st variation in silver.
No.40
Most likely in the center two stylized kanji 日本 - Japan.
The potential problem with all these interpretations is that we don`t even know (for certain) the correct orientation of this emblem.
Due to the manufacturer mistakes it is sometimes positioned upside down
or even like this.
Reverse of the badge marked 銀 - Silver.