This is a Kyffhäuserbund Gorget (ringkragen) for a Flagbearer.
The 50 year number on the gorget indicates tht the local “Ortsgruppe” of the Kyffhäuserbund existed for 50 years, and this entitled it to use the 50 number.
The particular Kyffhäuserbund emblem on the front (in red) was in use from 1938 onwards, thus indicatin the gorget is from after this period.
The chain is a so called replacement chain.
In good, light used condition, with dark blue felt backing and the number “on” on the right chain-catch.
A not so easy to find item!!!