You should post this piece on the Freikorps/Weimar forum to get more opinions but if I got my ducks in a row this is a well known copy that has been discussed on a number of occasions. It exist in second class like yours as well as first class pinback and screwback if memory serves me right.
Its well made but if you examine your first picture closely you will notice the black "enamel" is not flush with the metal outline (particularly evident in the eagles head detail) which is indicative of an epoxy based finish being used instead of true cooked and polished enamel like on originals which is a more elaborate process. The epoxy finish shrinks after curing leaving these tell tale depressions. The ring attachement method is also different on originals of this variant as per the attached pict of a second class of the same design in my collection. Notice the pupil of the eye which is also different (an open circle instead of a solid dot) on these repros.
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