Hello Mike,
Good to hear from you, that looks to be a fine bicycle.
I've been wondering the same, if they indeed had theirs painted on in their early years. I did find from an 1897 catalog they had them removable, so the buyers could swap them out at their discretion. It's seems odd not to see an outline of a badge on the bicycle images in the Meacham catalogs of 1892 & 93.
The bicycle I have been working on has given me quite the ride since I bought it. I thought it was a Kenyon/Pacemaker, and so did Mr. Metz, because of the headbadge that is on it. The style is similar but the details just don't support the bicycle as a Pacemaker. In as much I was lucky enough to see a catalog by E.C. Meacham go up for sale and noted some rather unique details for the 1892 Dunlop Safety, and the changes leading up to the date of the publication seem consistent with it as well.
Mike, I'm still enjoying my Victor highwheel I acquired from you, we've put on countless miles together and is still an absolute pleasure to ride. I might take it on another century ride in July at the national meet.
Very best regards & again my sincere thanks, Kurt