I also feel that the medal posted is an original and a pretty scarce variation at that, being made of zinc. We also know that this same manufacturer produced these medals in iron too.
What I find unusual is that most medals made from zinc were struck with an integral eyelet, rather than a separately applied eyelet. The reason for this, other than time-saving production, is because it is very very difficult to solder a small eyelet to zinc, especially when there is so little surface to work with (like the rim of a medal). Not only would the process be time-consuming and difficult, but the soldered joint would be prone to failure, IMO.
Here is an interesting thread that you may wish to read: It shows a two-place medal bar featuring a Memel Medal and a zinc Czech Annexation Medal. As far as I'm concerned, the medal bar was genuine. However, in handling the bar, the zinc Czech Annexation Medal broke off the eyelet. When this happened, the whole bar was labeled as a fake and the owner dismantled the entire bar. A real shame, IMO, but interesting reading and pictures.
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