These old black and white photos constantly confuse me.

I'm with OmerH on this -- I too think it is a family order of some description, but I don't think it is the Victoria and Albert.

The Royal Collection site has this image of Queen Alexandra from a series of photos taken of HM either before or after the wedding of Princess Alexandra, Duchess of Fife to Prince Arthur of Connaught in 1913. They were the first set of official portraits taken of Queen Alexandra since 1910.



An enlarged detail from that photo. It is more than a bit fuzzy, but I think it shows a portrait of a male, so I wonder if it is either the family order of George V or Edward VII. I think the former as the miniature of Edward VII was suspended from a bow with a red stripe on the border. The bow in the photo of Queen Alexandra seems to be all the one colour.



A couple of other photos.



This photo has been flipped.