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This is a precision-struck badge denoting membership in the German Academy of Aeronautical Research.  The pieces came in three grades - bronze, silver and gold.  The Academy was founded on July 24, 1936, and even included foreign members.  Herman Goering was its president, and Erhard Milch was the vice-president.  In the beginning, the organization steered clear of aeronautical subjects that had military applications, but that soon changed.  By 1938, the academy was deep into research of a military nature.  In 1939, the academy dismissed non-German members.  During its existence, the academy orchestrated the advancement of German air tactics, engineering principles, and strategy.  Those associated with the organization were entitled to wear membership pins like this.  I believe the bronze was for employees of the organization or for international members, the silver grade was for financial supporters, and the gold version was for actual members.  This pin is housed in the original blue presentation case.  This is one of the very first awarded, and pre-dates, the numbered examples. Examples are occasionally found, but almost never in the presentation case, and never the "first date of issue" type.  I have owned only one other in the past 10 years.  Overwhelmingly more rare than a Knights Cross.
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Aeronautical Achievement Award in Gold#971

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