The motto "Es lebe der Reservemann" roughly translates as "Hurrah for the reservist" or "Cheers to the reservist".
These badges would have been worn by men who had completed their compulsory military service and were returning to civilian life as reservists.
"Ges. gesch." is the abbreviation for "Gesetzlich geschützt" = "protected by law", which simply means that this is a registered design.
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