Romania, Kingdom. A Military Academy Graduation Badge Auction a large hole next to

a large hole next to the front right waist pocket

the obverse with an eight-pointed black enameled star containing a white enameled medallion in the center bearing a red enameled “Anchor Cross of Pyrmont”

Photo 10cm x 14cm

date marked "r" (1912) and engraved "CAPT

and a picture of a Navy NCO

Romania, Kingdom. A Military Academy Graduation Badge Auction a large hole next toThree piece construction, insignia in silver gilt with red, white, blue and black enamels, mounted to a base in silver with red, white and green enamels, the insignia illustrating an eagle with the Romanian coat of arms on its chest, backed by an open ended wreath of laurel leaves and oak leaves and surmounted by the Royal crown, unmarked, measuring 53 mm (w) x 56 mm (h), vertical pinback, intact enamels, extremely fine.