The item in the image is an Iron Cross, specifically the 2nd Class version from 1914. It was a German military decoration. The cross was awarded for acts of bravery in battle. The “W” in the center stands for Kaiser Wilhelm II, who reinstated the award in 1914. It became a symbol of military prowess and courage. The black and white ribbon is typical for the 2nd Class Iron Cross. The Iron Cross design has been adopted by various groups, including some non-military ones.