ARNO WALLPACH  DIE FORGED, EXCELLENT DETAIL.
ACTUAL HANDWORK IS EVIDENCED ON THIS PIECE!
THERE IS A FAKE THAT CAME OUT OF GERMANY MADE OF LEAD OF THIS MAKER.  THE KEY IS TO LOOK AT THE CATCH.  SEE PIC BELOW.  IT IS CRIMPED IN.  THE FAKES WILL LACK THIS DETAIL.
 

 

 

Panzer Badge Makers