Here we have a Schwerin Flotten-Kriegsabzeichen or High Seas Fleet badge. This one was discussed on WAF recently.
It is variant F1.1.9 on the Classification table and was identified by John R as being the first type from the second die as can be seen from the open portholes on each side of the bow, otherwise referred to as 'OOOO'.
A tombak based badge in nice condition but worn. The block hinge on the reverse has a domed head pin with the dome being on the right as we look at it, later versions had a waffle head pin or a headless pin.
The catch has been replaced on this particular example and if it wasn't for the scratches in that area, would be hard to spot such is the quality of the repair.
It was offered for sale at a very generous price which was too good to turn down and a badge with minor damage or a repair doesn't put me off so it's now with me.
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