These are rare birds - very early (1925) and limited numbers. Maybe Don Scowen has one to show. At the least they shouldn't have an RZM mark - these badges are about 10 years too early for the RZM.
The RZM M1/73 is a common fake back. I've even seen fakes of the Ludendorff badge with a more convincing round pin plate, but fake nonetheless.
I did a quick search and don't think we've ever seen a real one here.
The RZM mark is the kiss of death for this badge. If it existed, which is doubtful, since I do not believe that they ever ran for office together, Ludendorf becoming an anti-nazi by the 30s; These would have been for the elections of 1932-33, the RZM mark was not used earlier than 1934, and probably 1935. The RZM was established to impose uniformity in Party items that had to be purchased by the member of the organization controlled by the Party. Nobody "had" to purchase this enameled badge as being a member of a Party controlled organization such as the SA/HJ.
Plus the enameling is not of period quality,
Most people haven't a clue who "v. Graefe" was. Along with Ludendorff and Gregor Strasser - who acted as Hitler's representative - Albert von Graefe was one of the three leaders of the "NS Freiheits Bewegung" which was created as a cover and home for members of the banned NSDAP in 1924 following the Putsch.
Following the lifting of the ban on the NSDAP, Hitler gladly dismissed von Graefe as a rival with ambitions and ideas of his own. Otto Strasser in his biography "Hitler and I" describes von Graefe as "even more reactionary than Hitler". See: http://www.archive.org/stream/Hitler.../HitI_djvu.txt
Ludendorff stayed with the National Socialists for a short while and then publicly fell out with Hitler in the late 1920s, which became outright condemnation by the early 1930s, saying that Hitler would be the destruction of Germany.
You can see why the idea that these badges are from the 1930s or "commemorative reissues" is ridiculous.
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