Air New Zealand gold bullion felt cloth cap badge

A scarce original circa 1965 'Air New Zealand officer's cap badge', padded black felt example bearing gold bullion embroidered fern leaf sprays surmounted by a 'NZ' wing, with central shield displaying the 'Southern Cross'; the reverse with black hessian lining. Very good used condition, bullion remains bright. Height 68mm. Formally 'Tasman Empire Airways Limited' founded in 1939 changed to 'Air New Zealand' in 1965.