I've seen this particular badge pop up on numerous sites in Germany and the seller claims it's a dug-up found. The seller comes from Eastern Europe and that alone should make a collector cautious.
The pictures really aren't good enough for me to make a positive judgement, buit it looks bad at first glance. Based on the one's you have posted of the reverse it looks like a crude copy. What is what appears to be extra metal (the reverse not smooth) on the reverse? Is this oxidation of the metal or extra metal due to crude casting? I'm not comfortable with the pin setup either.
Richard V
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