Wound badge in gold by Oberhoff & Cie,  Lüdenscheid. Steel construction with integral hinge and catch. Maker marked on the reverse with the PK code of O&C "81" on the reverse. Initially in black but wartime overpainted to gold grade.  After the war again blackened by a collector. The top (new black finish) was taken off, showing the late war gild again. Underneath still a nice minty black wound badge if someone wants to take of the gold finish. No repairs, no damage. 

The only accepted maker for this period "grade switch"! Very interesting!!