Unknown navy badge! military?

[sathor]

Hello guys,

I would need your expertise.
Can some of you tell me what is with this navy badge?
I have looked for it on google but nothing found....
It is silvered gold, it has ~ 24 g, stamped for silver on the back and maker mark.
I think is related to Sweden but not sure and what i found was without monogram...
Any help will be welcommed.

Best regards,
Alex

[sathor]

pic.2.

Front of the badge

[uscob]

The Crown reminds me on the Danish one, but the "M"-Anchor is unknown to me.