It appears to be a home made decorative device. Based on the thread connection between the patch and pin back, that would be a pain to do that on a production basis. By the way that style of pin back is still for sale and a number of sizes. it is used in jewelry and craft work. What that is either a one of a kind somebody made for a hat decoration or a "MEDAL" for a child, to wear like granpa's or dad.
Could the wreath part be at the bottom instead of the top? Almost all the badges I have seen have the wreath open at the top. The clasp looks like a home-made addition so could be in the wrong place.
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