Germany, Luftwaffe. A Flak Badge United Republic of then the largest watch manufacturer

then the largest watch manufacturer in the world

wearing the Korean Empire Order of the Eight Trigrams 5th Class badge on his left breast

featuring a man in a Reichswehr uniform seated beside his wife

there is evident of re-gilting in addition to loosening of the eagle

Presumably

Germany, Luftwaffe. A Flak Badge United Republic of then the largest watch manufacturer(Flakkampfabzeichen der Luftwaffe). Constructed of silvered zink, the obverse consisting of an oval oak leaf wreath, joined together at the bottom by ribbon, topped by a Luftwaffe eagle clutching a mobile swastika, around a central Flak 88 with its barrel raised and extending beyond the edge of the wreath, the reverse with a ball hinge and vertical pinback meeting a round wire catch, unmarked but with the characteristics of the so called second die