SMGM-4009 Second pattern Grade 1 private purchase lanyard

These private purchase lanyards are very hard to find. They have more loops and made of thinner cordage so they lay flatter and look really sharp all decked out on a uniform. This one is missing the protective wool on the back of the rosette, you can see threads from when it was there. Wear to the silk backing and light bullion wear. No major damage. Based on some thread on the bottom, this likely had acorns on it for a higher grade at some point.