This would appear to be made from the same dies as the now well-known Waffen SS copies with Assmann markings in die-struck steel with silver wash finish. Amost certainly this item comes from Hungary and has Overhoff & Co markings on the reverse. It appears to be made of nickel, but this is not the same material as the genuine article.

The double horse motif could refer to Hamburg or Brunswick, as there is a Party day badge for Hamburg with a very similar double horse motif, while Brunswick also used the horse as a central motif on its coat of arms. These are rare on account of the strong probability that the bulk of them were scrapped for their metal content during WW2.

This two-piece aluminium buckle is in excellent condition. Note the loss of 'Gott mit uns' to the face plate. This buckle was the post-war replacement for the 1st pattern and the Nazi motif variety.