Hake #3235. 1.25" beautiful sepia reads "Souvenir California Veterans Association." We've seen another example with backpaper by Baltimore Badge but on this example the backpaper must be inserted upside-down as it has no text on it. Far right rim edge has extremely faint and tiny gray mark plus a tiny hairline mark both as made on the paper under the celluloid. All else is essentially Mint with high gloss. Our last example exceeded $400.