If only it had the label..
85
Industrial
Square label
Pretty much my dream 101 M right there..
You can have one made. I can't remember where, but people here have had it done before.
I sure hope its not someone who bought the industrial case from webwit in Deskthority recently and then modded a Model M and pretend its Industrial. Coz that case from webwit does not ha a badge too. That would be a despicable thing to do.
Looking at the barcode label, it looks fine to me. It's not peeled off of a non-industrial because the model number is correct. And it's hard to tell, but it appears to have the correct printing, including the maroon IBM logo and information (although the colors are off in the picture).
A while back, I remember seeing a NIB one (albeit a later model) without the badge. Some of them just don't appear to have been given badges. The other unlikely alternative is that it fell off. Given the condition, I find it very unlikely.