2nd Pattern Torpedo Boat war Badge. Maker Schwerin, Berlin

Zinc based and in a very good, probably unworn condition. The wreath with most of the gilt plate still present. The ship with all of the silver plate and the waves dark oxidised. Variant with cut out arms to the swastika.
Not marked but a known variation that has been attributed to the company of Schwerin Berlin. See Weber/Skora, The War Badges of the Kriegsmarine.