WW2 German U-Boat War Badge by Gebruder Wegerhoff Ludenscheid. According to the book "The Kriegsmarine Awards" Vol 1, this badge can be found on page 162 and designated as a variation 1. The badge has lost most of its gilding as you can see from the photos. It is a solid stamping and the GWL makers mark is very nice on the reverse. An excellent example of an authentic U Boat Badge.
(WW2 German U-Boat War Badge by Gebruder Wegerhoff) www.ww2germanbadges.com
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