This stamped, silver plated, badge commemorates the 125th anniversary of Fusilier Regiment 90. The reverse of the badge is maker marked Deschler & Sohn, Munich.
I love those ribbon-backed pins. I have had more than a few over the years and wish now that I had kept all of them. All I have left are two regimental pieces. I think yours, besides being a very pleasing design, is unusual in that most centennial commemorative tokens were medals.