Thought to be made by Deumer this is a textbook piece! Here we have a die struck, zinc gold gilted Kriegsmarine U-Boat Badge (variation 2). The obverse depicts a u-boat that is surrounded by a laurel leaf wreath and is all below a Kriegsmarine eagle, with outstretched wings holding a swastika in its talons. It has the correct rectangular soldered catch, hinge on the rectangular plate, and coke bottle shaped pin. There is nice gilting remaining. See Vol. 1 pg. 146 of Weber & Skora's "The Kriegsmarine Awards" book.
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