I think Antiquarian is on to it. Repurposed. The ribbon is likely a vet reunion item. I think the original ribbon color was red white and BLACK, which are normal colors for Germany in that era, and the black faded to blue. The red white and blue flag doesn't represent anything German. I searched German military and found no red white and blue colors on anything. Those are the colors of US, Britain, France, and Russia. Just my 2-cents. Gary
Thats a Bierzipfel, part of the Accessories of a German Coleurstudent. The plague seems to be attached afterwards (SRC ; Students Rowing Club?) and obscures the original engraving so any try to identify the Verbindung is futile.
Backside engraving reads:
Z (Zur / for) Erg. () 20.8.1929
Von / From
Friedrich Robert, Erwin and Hans.
I think I already remarked when the WW1 actually was and that Germans also do other things than war (consider e.g. buying a car from them, they are nice), but alas this does not seem to fall on fertile ground.