1992 was  a historically important year for Europe, with the Maastricht treaty. Maastricht also hosted the 3rd successive jubilee meeting for the Morgan Sports Car Club Holland. Hence the subject of the badge was a Morgan driving into Europe, starting from the small country at the North Sea.
 
Two very nice, unused, copies of this badge have turned up. These are in pristine conditon. Copies of this badge that were fitted to a car probably did not survive the test of times.
 
First come, first served!