They were ripped off. It is clearly fake. Look at the "S" in USA. Alignment over the hole is different , and the bottom hole itself has been stuck by a punch to make it appear that it was damaged by removing it from the original bike. I've pried off and damaged head badges myself, and seen countless other damaged badges from poor removal, but have never seen one that the badge hole gets "smaller," or filled in. It always gets elongated or bigger. I think the bottom hole was intentionally tampered with, and the picture is intentionally fuzzy. Problem is the fellow that bought this fake, artificially aged badge will eventually pass it on with his bike .