This is a nice Kriegsmarine High Seas Fleet badge / Flottenkriegs abzeichen.
Although is not visibly marker it can with certainty be attributed to the firm of maker S&L )Steinhauer & Lück from Ludenscheid).
The badge retains a lot of its gold finish and is in light used condition. The needle and catch are slightly twisted but are still in nice functional condition.
Simply a great badge for a very good price!