Just picked this pin up recently and I think it fits this topic perfectly.
I've always seen the pin by itself with no ribbons ect... I was skeptical about buying it at first but now I'm thinking it may be the real deal. As you can see from the photos, it came with a cardboard backer. It appears someone bought it and put it away or a dealer didn't sell it because of the imperfections.
OR someone Frankensteined it! However, the dealer I bought it from doesn't typically deal in pins so I think it definitely has that going for it.
Either way its very striking...
Looking forward to hearing your thoughts / comments