This is a Bevo embroidered Cockarde which is mostly seen on the Air Raid Protection Services Overseas Hat. It's a Roundel, Bevo-embrioderd on a blue-gray twill backing. This differs from the standard Luftwaffe O/S Cap Cockarde, which is embroidered on wool and usually heavily padded. Lots of examples on the Internet of the Luftschutz O/S Cap with this Cockarde variation.
Price is PER COCKARDE.