GERMAN WWII KRIEGSMARINE U-BOAT BADGE, GWL

GERMAN WWII KRIEGSMARINE U-BOAT BADGE MADE by GWL - GEBRUDER WEGERHOFF
Produced between 1942 and 1945, this badge, identified by the 'GWL' version, is distinguished by its solid swastika and wire catch. It's a Third Reich U-boat pin with factory gilt, likely made of tombac.
CONDITION: The item is in very good, used condition. For additional information, please refer to the pictures.
PROVENANCE: 1. Property from the Estate, Tallahassee, FL, USA; 2. Affiliated Auctions, Tallahassee, FL, USA (the winner will receive this information); 3. Our sale of this item adds another layer of provenance (please print this page). History of sale is very IMPORTANT for serious collection.
DIMENSIONS: 2 x 1 1/2 inches (4.9 x 3.9 cm). Weight: 22 grams.
ESTIMATED PRICE: $100 - $500 (significantly lower than today's market price).
HISTORY of SALES: A few years ago, German WWII U-boat badges were sold on Live Auctioneers, Invaluable Auctions, and eMedals for $1,300 (7 years ago), $1,400 (14 years ago), $1,450 (8 years ago), and $4,000 (8 years ago) - please refer to the screenshots for details. Today, prices have significantly increased compared to those of 5-10 years ago.
WARRANTY: The buyer has 5 days to inspect items for originality, valued at up to $5,000, and 10 days for items valued at $5,000 or more. Items can be returned to the seller for a refund; please refer to the Terms for more details.
NO RESERVE: Most of the auctioned items have NO reserve price. Among the remaining items, there are reserve prices set at incredibly low levels, typically ranging from 30-40% of the low estimate price. The hook is missing.
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U-BOAT: During World War II, U-boat warfare was the major component of the Battle of the Atlantic, which lasted the duration of the war. Germany had the largest submarine fleet of the revived German War Navy (Kriegsmarine) from 1935 into World War II (1939-1945), since the Armistice of November 11th, 1918 scuttled most of the old Imperial German Navy from the First World War and the following Treaty of Versailles of 1919. This limited the surface navy of Germany's new Weimar Republic to only six battleships (of less than 10,000 tons each), six cruisers, and 12 destroyers. British Prime Minister Winston Churchill later wrote "The only thing that really frightened me during the war was the U-boat peril".
Condition Report: Used