Emblem ordered around the third of August (5)
I believe the answer is:
badge
'emblem' is the definition.
(badge is a kind of emblem)
'ordered around the third of august' is the wordplay.
'ordered' becomes 'bade' (past tense of 'bid' as in to order).
'around' indicates putting letters inside.
'the third of august' becomes 'g' (3rd letter of 'august').
'bade' going around 'g' is 'BADGE'.
(Other definitions for badge that I've seen before include "Thing worn to show rank or membership" , "Symbol worn, to indicate membership perhaps" , "Symbol worn for identification" , "Emblem of belonging" , "evidence of membership" .)