I just bought this on Ebay on a whim. It appears to be a badge relating to the navy of the Republic of China. There also appears to be a maker's mark on the reverse. Other than that, I know nothing about it, and would be most appreciative if someone could translate the Chinese / give me more info on it. I know the photos aren't the best (they are from the listing) - I'll try to get better ones up when I actually get the item. Many thanks in advance!