Thanks to all those who provided info on the V&A order. Fascinating stuff!
In Robert Golden's Relatively Royal (I think it's in Relatively Royal) there is a photo of Princess Alice, Countess of Athlone wearing what is described as her mother's First Class Badge, but with the diamond crown removed. From all the information provided in this thread, it seems clear that holders of the order are expected to return their badge after death. If so, does anyone know why Princess Alice would be in the possession of her mother's badge, and why she would have been allowed to wear a First Class Badge (albeit altered), when she was only appointed to the Second Class of the order?