Unknown Navy Badge

[uscob]

Have a bunch of these Badges since some decades and had a Label inside marking it as Naval Assn.
Allway's thought it's German, but the Historian of the German Naval Assn. wrote that the Germans never had this design for their assn. and suggested a british origin.
Maybe somebody knows it here.
Also interesting that the Pin dierects a bit to the side on all Badges.