This badge above is of the University Company of the Edinburgh Rifle Volunteers as worn from 1860 until 1865.
The central shield is the arms of Edinburgh University. The shield with a saltire charged with an open book, to symbolise learning.Above this there should have been a thistle, but owing to the damaged state in which it was found , has become detached. Below is three towered castle, indicating Scotland and Edinburgh. On the scroll at the bottom there is in Latin the legend seat of learning founded by King James Sixth of Scotland who became James the First of England after the death of Elizabeth First in 1603.

The Rifle Volunteers were companies of part-time volunteer soldiers, first formed in 1859, to strengthen the defence forces of the British mainland by a French invasion scare, from across the whole social spectrum of Victorian Britain.  They were eventually intergrated into the military establishment as a volunteers reserve and as such they became known as Volunteer Battalions of the regular infantry regiments. In 1908 these battalions were transformed into the Territorial Force, later renamed the Territorial Army, the name by which is still known. Given the shape and size ( 55mm x 55mm ) it very well could be a pouch or belt badge.
In 1865 the Edinburgh Rifle Volunteers dispensed with these individual badges and adopted a uniform design. This badge is of a die-struck brass, which would have been blackened.

   A statement from Mr Alastair Harwell, retired commanding officer of the Edinburgh Univesity Rifle Volunteer Corp.

" While this was established in 1908, Edinburgh University had hosted 3 separate volunteer corps prior to that date (a rifle company, a medical company and an artillery battery). The Edinburgh University Rifle Volunteer Corps was formed in May 1859 and officially recognised as No. 4 (University) Company of the City of Edinburgh Rifle Volunteer Corps on 31st August 1859 - the first in Scotland. The Edinburgh Corps eventually consisted of 25 companies - the largest volunteer unit in the UK. In 1908, 24 companies transferred to the Territorial Force as the new 4th and 5th Volunteer Bns The Royal Scots. The sole exception was No. 4 Company which became part of Edinburgh University Officers Training Corps. Perversely, Edinburgh UOTC is the only Scottish volunteer unit raised in 1859 that survives intact to this day. The badge must date from 1859-1863 - I have found a tailors advertisement from 1864 which shows the pouch belt with regimental insignia implying that the various companies adopted a common capbadge when they altered their uniform in 1863."

     Auxillary Territorial Service.   

                         Welsh Fusiliers.