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If you ever go to a Pike conference, the vast majority of brothers with jeweled badges have a version of #1. I really have no idea why this is, but it is definitely the preferred version of the badge.
I have #2...I chose it because the Garnet more closely represents the Garnet and Gold. I had a really hard time choosing between that and #4. Wait...maybe I have #4 and really liked #2.
The other thing to consider is that you can get a version of #3 with diamonds instead of pearls. It is more expensive (I believe), but it is by far the most gorgeous of all the badges. Actually, you may be able to replace the pearls (which have nothing to do with PiKA ritual, history, etc.) with diamonds (much closer representation of PiKA) in any version. If you can afford that...by all means do it.
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