Silver Panzer Assault Badge. Type GWL, Nickel Silver.

Nickel silver(!) based and in an excellent, probably unworn condition with all of the matt silver plate still present, the swastika and high points burnished and all with some slightl patina.
Not marked but a known variation that has been attributed to the company of Gebrüder Wegerhoff from Lüdenscheid (GWL). See GCA database.
An extremely difficult to find variant in nickel silver.