Yes. Emblem Manufacturing built Emblem-badged bikes starting up in 1904 by W.Schack. They purchased Pierce Cycles and all their bikes, frames, fittings and parts inventories n 1918. They continued making Pierce- badged bicycles in Angola as well as Emblem badged and Walthour Hood badged bikes, and possibly others. Emblem is known for their beautiful trumpet-mouth joinery on the lower top tubes. As AS mentions, the serial number system used by Emblem in the teens through the 30's seems to be adopted and is similar to the early pre-bankruptcy Pierce sequential numbers. These sequential numbers on Angola Pierce and seemingly Emblem cycles from 250,000 and up into the 600k numbers.
I have asked this before and ask again did Emblem make the Pierce-badged and Emblem badged bikes in the same factory, or different ones? Nobody knows? I have seen some Emblem frames with Pierce fittings made late 20's to 30's and some without...Why? Was it just using up old Pierce inventory gleaned from the bankruptcy?