Luftwaffe Paratrooper Badge. Type Steinhauer & Lück, Lüdesnscheid (S&L).

Zinc based and, apart from the hook being broken, in a good, worn condition. The wreath in plain grey zinc. The eagle with remains of the gilt plate and attached to the wreath with two typical rivets.
Not marked but a known variation that has been attributed to the company of Steinhauer & Lück, Lüdenscheid. See Thomas Durante, The Paratrooper Badges.