I am not a German collector, but I have been around long enough to know “weird” when I see it. This is an imperial German submarine badge. The badge is very high quality and is die struck. What is truly odd to me is that the pin and catch appear to be decidedly US in appearance to include a locking cam on the catch. 
The badge has not one but two distinctive makers’ marks. I don’t believe I have ever encountered either marking. 
I do not believe that this is a fake that was made to deceive. It is old and it has some weight to it. The details are outstanding. So, who made this and why? I’d be interested in any additional information. 
 

Thanks in advance!

 

Allan

Replica made by the Goede Company in Germany. They also make reproduction police badges. Here is the back of a police badge.