Hello Timo,

it's an unissued Silver Medal for Military Valour of the type awarded at the end of WW1, until early WW2 although during those years it also appeared the version with the "crowned Z" only (I mean without the "F.G" lettering). The ribbon is wrong (it should be blue only, without the interwowen silver stripes).

It isn't uncommon to see "unnamed" pieces: some of them have been awarded to German personnel in WW2.

Kind regards,

Elmar Lang