I'm still sorting through a box full of old awards and badges and this one was in there.
I am quite sure that this is a good gold fighter clasp in zinc with a zinc hanger below.
It is only the 200 (the lowest numbered one available as I am led to believe they go to 2000!)
Marked on the back for GH Osang. It is a pity all of the gold has absorbed as I think it would have been a nice looking badge in it's time.
It is interesting to note that the wire mounts for the numbered lozenge are only soldered at the rear.
The front must have been left just bent over so that higher numbered hangers could be added
All the best