The badge was created in 1928 as one of those post-war decorations created by ex-European royals to keep up the trappings of their former position. The badge was given out quite liberally for various types of service, which accounts for its comparatively low price and the volume of these on the market. It came in what appears to be 2 classes, or perhaps just 2 different finishes: gold and silver.
Here's the award document to a teacher and a silver badge complete with ribbon.
It states that the ribbon on which the award was given was based on which type of shooting club or association the recipient belonged to. I cannot vouch at all for the validity of the information.
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