In my chapter, only the president wore a guard. The guard was passed down from prez to prez along with a special award badge that looked a little like this, but older:
The only other "special" badge that got passed down was for the member with the highest cumulative GPA. It looked alot like the above badge, too, but not exactly the same.
My own personal badge is the alternating sapphire and peal and looks like this:
I chose it because my birthstone is also sapphire.