I think it is new.
Just right off the bat I would actually say it's a good early sympathy badge... maybe Austrian (going by the attachment)? Strange pattern in the red enamel too but as you have shown us in the Official Party Badge thread strange pattern variations were definitely around during the period.
I don't see any particular red flags that stand out anyway... now, I'm guessing you already know;... so, which is it --- good or bad?
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