British, H.M.S. Her / His Majesty Ship, Cloth Flash
A new one to me. Small, shield shape, 1 3/4" x 2 1/2", black felt flash with red letters H.M.S. over ANCHOR with white cord and two age dulled white V;s, 1 1/4" wide. Looks to me like a Service flash for the British Navy. Small tear in backing material top left. Shows age dulling.