It is the wreath and cocade for the enlisted and officers bill cap.
Yes, it's a ww2 vintage Heer wreath and cockade. They also came in a 2 piece version. It's "newness" is a tribute to the quality of TR relics. I have an identical one that's equally brand new looking.
I agree, a good one.
It appears to have lost all 3 prongs (probably from being pulled off a hat).
The aluminum ones hold up much better over time than the tombac and zinc ones.
NEC SOLI CEDIT