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Yugoslavia, Order of National Merit, 3rd class, early version with unmarked pin, unnumbered.
Silver gilt; measures 41.4 mm in width, weighs 29.3 g. Fine quality, better than more recent issues. Two-piece construction, with a superimposed figure of a soldier holding the banner. Stamped Roman numeral "III" to the reverse. Excellent condition.
Please note, penny in our photo is for size reference.