It's the membership badge for the Deutsche Jugend in Slovakia. Looks nice, what's the back like?
Joe,
Nice badge. I do not recall ever seeing a pinback version of this pin, but I've always assumed as you that the circles are for this purpose.
Until recently, I'd only seen this maker as well. However, a few months back Detlev had one by another for sale. Unfortunately I can make out who it is & I wasn't quick enough to get it