A well maker marked silver wound badge by Carl Wild, Hamburg. It is made out of a die struck, zinc-alloy that has been silver washed.
The reverse is a solid back and is maker marked "107" Carl Wild, Hamburg. The steel pin, hinge and stamped catch are all intact and in good working condition.
The silver wash is in great condition overall in spite of some bubbling to the rear over time.
A really nice display example of this badge.