The first type was designed in the late 1940's and the specifications show the Kings Crown.
Before it was manufactured though, King George VI passed away so plan were
put on hold and the design was modified to show the Queen's Crown of Queen Elizabeth II
as shown in the photo.

This badge was only issued inside of a one year period. The rumour is the CO
held a parade with the entire Regiment wearing this badge for the first time and he
decided he did not like the design and he ordered a new design.

It was redesigned to the current type which is based on the
1930's badge of the 2nd Light Horse Regiment.