I dont
. Its without a doubt a good little HJ badge. I have heard explanations for the "o" recently, even from people who work in badge factories, and i am not sure i believe them all, the explanation for the single O was to identify a Plain, reverse in this case, die, that could be used for a variety of different badges providing the size was the same. I have never seen any other letters on badges, so i doubt this theory. The other, and more plausible explanation is that it was done to show the people who were attaching the attachment, which way to solder it on, as the badge would be lying face down by then. For example, if a person was soldering the whole day, or doing thousands of one particular set, he would know to position the badge with the "o" facing him, and solder the attachment on pointing North, or South etc etc........ i subscribe to this theory as well, in fact i am dead certain this is what the "markings" like this were for, and are still for today. I heard this from many people who work, and worked in the badges-trade and have observed this "o" on a multitude of original badges, not just an "o" but a line, of half-line as well, as well as "other" indicators.. below is an example i have, that shows a small star instead of a "o", and as i am sure you will agree, the star was not to symbolize Israel or even a company logo, that would just be, well too naff, to have a small star as your Trademark. This small star can also be found on NSDAP membership badge before, or around 1930-1932, as can the "o".
edit: maybe i have been around small badges too long, but i would not even need to see a picture of the reverse with this, even from the small front image, i can see that the badge is warm, it is just a feeling you will get after you spend a very long time looking at small badges in great detail. The warmth is there, the small picture shows it, the badge is telling you that its real. Its not really the color, its just a feeling, i guess the same way a Baker would know when his bread is baked just by looking at it through the oven door. Yes i know... i did loose it, long ago :-/
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