Just to confirm my previous post that the wings shaped badge – Translates as ‘Front Flying Clasp’ – so an operational badge.
I just copied this from wiki for convenience – looks pretty accurate…

The Front Flying Clasp of the Luftwaffe (German: Frontflugspange) was a World War II German military decoration awarded to aircrew and certain other Luftwaffe personnel in recognition of the number of operational flights flown. It was awarded in Bronze, Silver, and Gold with an upgrade to include diamonds possible. Pennants suspended from the clasp indicated the number of missions obtained in a given type of aircraft. Front Flying Clasps were issued for missions completed in the following Luftwaffe aircraft:

The different clasps were inaugurated by Reichsmarschall Hermann Göring on:
30 January 1941 for the Front Flying Clasp
26 June 1942 for the Pennant to the Gold Front Flying Clasp
29 April 1944 for the Pennant with number of mission
Design
All badges are formed of a central device (usually blackened) encircled by a wreath of laurel leaves set between two stylized wings of oak leaves with a swastika located at the base of the wreath. Clasps measure approximately 7.5 cm (3 in) by 2.5 cm (1 in). The various designs of the central device was determined from the type of aircraft flown.
Criteria for qualification
Bronze – 20 flown missions
Silver – 60 flown missions
Gold – 110 flown missions
Pennant to the Gold Front Flying Clasp
Day Fighters and Transport Units: 500 missions
Air to Ground Support Fighters: 400 missions
Bombers, Air Sea Rescue and Weather Reconnaissance: 300 missions
Reconnaissance and Night Fighters: 250 missions