US$ 223.97
a long cord with knot attached to a D-Ring on the top of the belt patch
scattered paint chipping on the arms and on the "W" cypher
Produced in a deep red felt exhibiting only small period tears and wear
To Ferdinand’s dismay
A Spanish Order Of Naval Merit With White Distinction; 1St Class Breast Badge, GTRexclude a long cord with knotSpain; Franco Period (1938 1975); Two piece construction, silver gilt with blue and white enamels, unmarked, 34 mm x 58. 5 mm inclusive of its crown suspension, original ribbon, suspended from a traditional Spanish horizontal hanger with pinback, intact enamels, extremely fine.