We have running the cloth back, green border version of the Colonial Philadelphia merit badge. This was a special merit badge issued by Philadelphia Area Council. We got some more information in from a collector:

This badge was only made from 1975-1976 for the Bicentennial. This cb variation was a manufacuturing plasticizing error. It’s not a (true cb) as it wasn’t made from 61-71.

I’ve got in my collection the merit badge booklet, locally made, for this badge. We’ll try to get a picture posted as well.