Romania, Kingdom. A Military Academy Graduation Badge
Three-piece construction, insignia in silver gilt with red, white, blue and black enamels, mounted to a base in silver with red, white and green enamels, the insignia illustrating an eagle with the Romanian coat-of-arms on its chest, backed by an open-ended wreath of laurel leaves and oak leaves and surmounted by the Royal crown, unmarked, measuring 53 mm (w) x 56 mm (h), vertical pinback, intact enamels, extremely fine.

