A bounty emblem (t5) is an item used in Bounty Hunter. If another player is killed while the killer is carrying a bounty emblem (t4) it has a chance of being upgraded to this item. It can be converted into 400 Bounty Hunter points by clicking on it. If the emblem is carried while killing players, it can be upgraded to a bounty emblem (t6).
The chance of upgrading an emblem is significantly higher when killing your bounty target as opposed to anyone else ('rogue' killing).