An early, WWI Bulgarian Pilot’s Badge in Gold

Based on the Italian badge’s design, with flying eagle facing right, made of Gold with chiseled details, inscription on reverse, smooth reverse with horizontal pin; in the original, beige morocco case with embossed golden fillets.
A very rare presentation badge of jeweler’s quality, most probably belonged to Tsar Boris III; excellent condition. Dim.: 74,0 x 18,0 mm. I RR!