BEING RESEARCHED Arrow Badge with "CD" NOT FOR SALE UNTIL IDed

This is an unidentified pin in red and grey enamel showing the letters CD pierced by a horizontal arrow.

Circa unknown.

Approximately 7/16" height and 1" in width.

Plated brass with enamel.

Horizontal pin with drop-in locking swivel catch.

This is from an unidentified collection which we will be listing more of over the next few months. Item will not be sold until it is identified. MAJX08 LX2/11

8- (Very Fine-Excellent): The pin shows some light wear and small spots of tarnish on the reverse.

As with all my artifacts, this piece is guaranteed to be original, as described.