Guards badge model 1942

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Worn by "Guard" unit members that had shown dynamism, political zeal and comradeship (soldiers could be a member of a Guards unit without being holder of the badge).
The text states " Гвардия " (Gvardіya) and "CCCP" or USSR ( Union Soviet Socialist Republics ) in cyrillic.

["Guards history"]

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The award had it's advantages; it came with higher pay and Guard units received improved rations aswell as better equipment in weapons and uniforms.
The downside was that these units were always at the forefront and assigned the most dangerous missions. Source: page 18 of "The Soviet Soldier of WW2".