Based on my research, I believe this is a graduation badge from the former Imperial Japanese Army War College, possibly commemorating the administration of the North China Area Army. If it is a badge commemorating the administration of the North China Area Army, my research indicates that none are currently for sale (although one website lists it, it appears to be a scam). I found evidence of only one previous transaction on another site. Therefore, it is a rare item. Returns and refunds are not accepted. Price negotiations are welcome.