Yeah, no way it's a pre-serial number snare. The throw-off is late 1968 to early '70s, the muffler is 1968+, and a pre-serial number snare would have COB hoops. The bottom hoop in the photo is COS. Also, the clear lacquer interior indicates 1968+.
During the 1969 transition from the keystone badge to the blue & olive badge, I suppose there could've been a temporary shortage of badges, resulting in drums being assembled without a badge, but I think that's unlikely, and that would be a hard sell to a collector.
A repro badge, a new badge, or a salvaged badge - when installed, will be easily spotted by a knowledgeable collector. But if you only want a player's snare, I'm confident that this drum will be just fine....it's just not what the seller claims it to be. If you can get it cheap, go for it!
Regards, mb