It has been chemically aged. There's something about this badge I don't like, especially the surface of the sail. There's a seller on eBay named porre81 who has sold a badge like this before and he is known for selling very high-end fakes.
It could be ok. But, I wouldn't want it in my collection.
I've done a side by side comparison and reduced the contrast on your badge. I think that I might be wrong and the badge is ok. The details seem to match up and it has the same flaws. However, it does seem to be "pickled" (artificially aged), which was not done during the Freikorps period. The seller I mentioned, porre81 uses chemical aging on all his badges, even the very few that are genuine.
A better scan is needed, especially of the reverse as the details of the rope border are not sharp enough.
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