Yugoslavia, Kingdom. A Badge of the Cavalry Military Academy, by Karnet-Kisely, c.1935 consisting of a blue enamelled Romanian Cross with clusters of nine gilt rays in eac Monaco is second-smallest independent state

Monaco is second-smallest independent state in the world with a population of about 32

reverse shows horizontal pin

marked "800" (silver) and maker marked "JBW" on the bottom

KNOLL" on the reverse

or maestrantes

Yugoslavia, Kingdom. A Badge of the Cavalry Military Academy, by Karnet-Kisely, c.1935 consisting of a blue enamelled Romanian Cross with clusters of nine gilt rays in eac Monaco is second-smallest independent stateFour piece construction, in silver, marked "900" (silver), maker marked "KK" (Karnet Kisely of Czechoslovakia), export marked and hallmarked on the pin, measuring 45. 7 mm (w) x 52. 5 mm (h), vertical pinback, exhibiting a dark patina on the reverse, extremely fine.