Hello Dan, welcome to the forum and thank you for posting.
The badge is indeed a fake. It is poorly cast with very soft details. Original Juncker badges are considered by many to be the pinnacle of quality, sharp details, crisply struck, the feathers standing out individually and in high relief. This badge has none of the quality you would associate with Juncker wartime quality.
There are three types (I think) of Juncker pilot badge and I can't remember which one this is trying to be. However there are differences between them all and the combinations of eagles and wreaths. I hope one of the other guys who knows the finer details can elaborate but the wreath and eagle are just completely wrong. On top of that, the hinge, pin and catch are unlike those found on original Juncker badges.
In terms of value - very little. It might have a use to a re-enactor but you might have trouble giving it away.
Looking for LDO marked EK2s and items relating to U-406.....
Thanks Adrian, not what I wanted to hear exactly but I did expect it.
I concur with Adrians comments. At first glance it is clear the quality isn't there. I am looking this badge up as I type and the hardware doesnt match
"In all my years as a soldier, I have never seen men fight so hard." - SS Obergruppenfuhrer Wilhelm Bittrich - Arnhem