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That one is, indeed a vintage pin (anyone here from Miami U?).
There are several ways that you can tell if a badge is truly old, and perhaps worth paying more than new badges. Until the mid 70s, the badge was engraved with either name or initials and (really old arrows have names), initiation dates or initiation numbers. My sister was initiated in 1977 and her arrow has her initiation number on it. I was initiated in 1979 and just have a random number on mine but there IS a number. If there is no number or name engraved on the back of the shaft of the arrow, then the pin is not very old. The seller should be able to tell you what, if anything is engraved there. Pins were made by Balfour until recently... so if the pins is from Masters of Design, it is NOT old enough to be worth more than what you'd pay for a new one... and becones a profit item for collectors who don't value our golden arrow for what it truly represents.
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