At the back on the left side of the pin it looks like maybe a maker mark or R or maybe P??
Flakkampfabzeichen der Luftwaffe - Luftwaffe Flak Badge.
Sorry, but not original in my opinion.
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I agree with Ade, a Luftwaffe Flakkampfabzeichen which is not an original piece. It looks like a casting.
Looking for LDO marked EK2s and items relating to U-406.....