The officers badge is typically around 2.5 inches by 2.4 inches.
With the clasp set up on it, I have to wonder if it's Theater Made (Versus US made), not saying there weren't US ones made that way, but I've never seen any. WWII US made ones typically have a screw post in the center and pivot pins either at the top or on each wing.
Some theater made ones have a loops on the wings which a pin slides though to secure and no screw post.
As for being made of lead, not to my knowledge. But I'm happy to be proven wrong.
Could possibly be a sweetheart pin (Depending on dimensions), or trench art.