A attractive - albeit regrettably single - British Royal Navy Officer's CO (Combined Operations) - in bullion - formation badge

This is trully a perfect example of a - albeit regrettably single - British Royal Navy Officer's CO (Combined Operations) - in bullion - formation badge. This type (in bullion) thought to have been made locally for Officers operating with various Special Operations units in the Adriatic. Most likely hand embroided in gold bullion wire and in a good coindition.