What seems odd to me is the combination of high award serial number and the GES GESCH/RZM markings. This badge was introduced in 1934 as you know Wim and around 125,000 are reported to have been awarded so this badge must have been issued well into the RZM period. I say that because the serial numbers do not denote any kind of heirarchical seniority but rather the order in which the entitled person's application was processed*. With that in mind I recently saw a badge in the 40,000 range which was applied for in 1935 so I can't see this M1/49 having been issued until possibly 1936/7 so as I say, interesting that it is marked in this way. It will be interesting to see how this pans out as this maker must be extremely rare. As far as the badge itself is concerned I like the look of it.
* The situation with the serial numbers isn't clear-cut because for the period prior to the qualification date of the 2nd of Oct 1932 the RJF didn't have full records for all members. They simply didn't know who was eligible in the majority of cases (for BDM and JM this was even more complicated) and this is noted in the regulations. This meant that they couldn't check against a list and award the badge in order of precedence or indeed in any order at all. It all had to be done through a system of testimonials and application forms. Applications all eventually ended up at the RJF Personalamt and I assume that the orders were sent from there to the manufacturers but I have nothing here which goes into more detail unfortunately.
It would be interesting actually to establish whether the Personalamt sorted the applications so that early members got low serial number badges but the evidence suggests that this would have been unworkable due to the large window of 1934-1939 (even later for Volksdeutsche in Estonia, Lithuania, Memel, Elsass, Romania etc etc who were also elegible for the badge) in which applications could be made.