looks as studenticum, possibly from Teschen in Silesia (Cieszyn/Tesin) at the Olsa river (formerly Austro-Hungarian Empire, today in Poland & Czech Republic)
that is really OT here. But it is correct, there are thousands of nice badges and decorations from the more than 400 Schlaraffen Reyche.
See for example the Reyche here: http://www.schlaraffia.org/zu-den-reychen/
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