I agree with Chet, an original and desirable Meybauer cut-out panzer badge!
Not many finish remaining like most zinc badges but the detail preserved nicely.
A textbook example in my opinion, typical hardware and flaw to the upper right wreath area.
I believe this variant was classed as a 1st pattern 7-Wheeler, now assumed to be Meybauer by many. The main difference between the patterns was the grass area.
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