Queen's Lancashire Regt Cap Badge
A gilt and enamel cap badge for The Queen's Lancashire Regiment with a slider fastening (marked SM for manufacturer Shaw, Munster). As Marsh NMD21.
Note: Chris Marsh's new book on 'New Metal: British Army Cap Badges 1990-2020' discusses this badge on p42, comparing it with the similar version with a red centre. He dates this to 2002.
From my memory, the burgundy version came out first and was rather short-lived.