In brief - Instituted 10 February 1862. Enlarged 10 October 1864, 15 November 1865 and 15 March 1880. No awards made after 1901. Ultimately four classes. The story starts in part 2.
Details of principal sources are listed at the end of this part 1. Their abbreviations are [A&M] for Ancient and Modern Gems and Jewels; [RI] for Royal Insignia; [RS] for Royal Service.
First, some pics showing the relative sizes for the Sovereign and the Classes. VA9212 RI p135 n111 & n94 The badge of the Sovereign and a First Class. Only Queen Victoria's badge had the head of the Prince Consort in front.
Queen Victoria's Badge - worn for the first time for the marriage of the Prince of Wales and Princess Alexandra of Denmark [A&M] Sardonyx cameo double portrait of Prince Albert and Queen Victoria Set in silver and gold frame with 21 paste stones Crown of emeralds, rubies ands rose diamonds, the cap of maintenance of glass The reverse is plain and unmarked
1st class - Queen Alexandra's Badge - first worn on her wedding dress [A&M] Frame of 21 brilliants around a cameo of Queen Victoria and Prince Albert Above, a crown in diamonds. emeralds and rubies, with glass 'cushions' for the cap of maintenance Frame of gilt and oxidized silver
VA9401 RI p137 nos 96 95 97 The other three classes, descending pics -
3rd class Badge Shell cameo of Queen Victoria and Prince Albert in gilt frame surrounded by twenty half-pearls and four brilliants, surmounted by crown set with two cabochon emeralds, two cabochon rubies and rose-cut diamonds.
2nd class - Princess Helena Victoria's Badge Cameo of Queen Victoria and Prince Albert surrounded by 22 brilliants, surmounted by a crown in diamonds, rubies and emeralds and enamelled cap of maintenance.
4th class Badge Gilt metal badge, comprising the entwined cyphers VR and A, set with six brilliants and half-pearls, surmounted by a gold and enamel crown set in diamonds.