This one is laughable. These cut out types are appearing more and more on auction sites. Don't fall for it - bogus. This one is pretending to be a product of Paul Meybauer (the distinctive stylized bow was only used by that firm), however, the pin, hinge and catch is not consistent with the style that firm used.
Not ALL fake flight badges are cast, this one is die stamped, but it is still a fake. No period badge has ever been found attributed or in photos that legitimize this design. The quality (or the lack thereof) mark this as a fake.