The badge insignia has 2 crossed flags with "Island Gypsy" across the 2 flag staves. They are painted in a variety of enameled colours. Location is as in PeterB`s pic, though on a Europa on the aft FB supports. I bought replacements from Mark Halvorsen some years ago, whether you`d find him or the badges I don`t know. I have a recollection the two flags have an unintended meaning, but can`t remember what it was. They can get badly degraded and bits of the words break off.
Maybe post pics of yours, or what is left of them, I might be able to help with the colours.