It's a WWII era German Wound Badge, they were either hollow stamped or cast.
It looks like it's black painted, the class awarded for 1-2 wounds.
In "silver" it's for 3-4 wounds, in "gold" for 5 or more, although copping a serious wound meant you could qualify for the next grade or skip a grade!
The sort of "medal" thingy that any sensible personage would want to avoid, but I s'pose a lot of blokes'd fancy one to add a bit of bling along with their iron crosses - bit like the old dueling scars.
As I recall, a quick short cut to the gold grade was to misplace your testicles in combat.

See what I mean? Awards to avoid.

Looks 'OK' from what I can see - not that I'm an expert on the things...