I just scored this one off Ebay. Ironically, I found this thread through an internet search outside of the Forum while researching it. IMO there are too many sub categories for metal insignia on here and things go un-noticed (this did with me).
Anyway, based on the rope (not chain and having locking catch - not earlier open catch), I'd guess my example is late 30's/very early WW2 era.
Some late thoughts on the insignia that originally started this thread. Having the earlier rope (rather than later chain) with a screwback, doesn't make sense to me. The black hatband backing for chief insignia didn't come along until 1949 at which point, screwback insignia was needed - pin backs didn't work well. And I believe the chain was introduced in 1941. So, I'm thinking the combination of the two shouldn't exist on the same piece of insignia.
The fact that the badge that started this thread is associated with The Pasquale Co is interesting to me. Based on some circumstantial evidence that I have observed over the years, I theorize this company was restriking obsolete insignia in the 1950's/60's. Examples are the gold USAAF Flight Surgeon wings, rarer style WW1 US Army officer and enlisted branch insignia, etc. All are high quality. This could also explain the incorrect reversed center device colors on the insignia posted in this thread - they were just cranking out stuff, not closely following regs. I suspect this one may be one more example of one of their restrikes. Just my theory - I can't provide videotape of them being made.
Coast & Geo 1.jpgCoast & Geo 2.jpg
I came across this one yesterday at the ASMIC convention and wondered if this might be one of those you suspect. I could not see any trace of silver ever being applied to the disc. The quality of construction, patina, and "feel" says it's old, but I just didn't feel comfortable enough to drop the cash on it. IMO, if a maker like Pasquale was putting out restrikes, then it would have been of a more modern pattern with less pieces like this one.
Seller swears it came from a guy's collection in the late 1940's but...who really knows.