Nickel silver based PAB with the original silver wash still intact. I would rate this fantastic badge as mint and unworn due to the circumstances that this finish comes off very easy when worn. Excellent white frosty finish with factory polished swastika and corners. It certainly look nicer in real that on the pictures.
Not marked but a known variation that has been attributed to the company of C.E. Juncker, Berlin. See Philippe de Bock, The German Panzer Assault Badge (Second revised edition), p.49. Type 1.1.2a