Is it possible that this a later badge incorporated into a larger one that commemorates or honors something that happened in 1920 ?

The reason I pose the question is that 1920 is very early to see fully developped enamel badges with a swastika. Perhaps TeNo was founded in 1920 (or some similar notable TeNo event took place)and early/charter members got their early (and low numbered badges) sometime later, but mounted in a fancy device.

(Absolute conjecture on my part !)

Dave