Thats a difficult one IMO. First thought in the direction of Wernstein but than found a badge in my files that I had listed as Foerster & Barth, probaly based upon the pin.
Alltough your badge has a different reverse setup focus on the cannon and the flag almost without a pole, thats a match to your badge and not something I could link to other U-boat badges.
So F&B would be my best guess. Sorry for the poor pictures but its the best I can do.
What about FO or Souval as a maker, didn't they use a needle pin ? Orth with a ? catch and Souval with a wire catch on plates. There a few naughty ones out there with this set up.
I sent George Stimson my fake or I'd show you a pic of it for future reference.
"fo" does have a very simliar design, also on the obverse, but Philippe is right, that "bearded" flag is quite unique to Foerster & Barth U-Boats. The other details are a match as well. Any other views?
Definitely not f.o. though some f.o. do have the beard, but the centre rib of the laurel leaf on f.o. runs smack into the centre line of the rudder, on this, its off to the right.of the rudder.
Wernstein, Souval and F&B all have the same features as the badge illustrated, but only F&B has the short horizontal strock on the gun which represents the gun barrel, so the obverse seems to be a perfect match for F&B.
Deumer and Glaser &Sohn also used the same obverse design but I don't have any clear close up shots of these, so can't rule them out, though they usually have horizontal pins like f.o.
So far I'd say it looks like F&B with a variant pin.
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