Parteiabzeichen..pre rzm or fake ?

Hi Guys. I don’t ask for help much, but since I saw a past post on party badges, I thought one of mine is sort of strange. I have two, one is M27/EL Muller from the research I just did, this one I don’t know what it is. Can anyone read the maker in the middle & explain why no RZM ? I searched many examples here & found no match
Thanks much, David


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