Difference in early Excelsior square badges

[oddball]

One on left indented Excelsior Bi Cycle and on right raised, is the difference a year thing?

 

[bricycle]

Huh!

 

[abe lugo]

I have the lower one, the frame was ID's as a late 20's frame.

 

[pedal4416]

The top one is mine, I'd love to pinpoint the year, thank you for this thread!

 

[oddball]

The other difference is one one right has "Trade Mark Reg." on bottom one on left "Reg.Tade Mark ? but can't read, Tom what does it say?

Cliff

 

[pedal4416]

It says REG. TRADE MARK

 

[oddball]

Info bump