This is indeed a Spanish military emblem. It was instituted used General Francisco Franco’s falangist government which emerged from the Spanish Civil War, although the regime was not officially recognized by some countries until 1945. Franco died in 1975 but I think the badge is still currently used. The distinctive badge was worn on soft hats and German style metal helmets as well as a brass buckle and a number of cloth patches. There is a bit of confusion about the crown on the emblem. Franco didn’t allow a seated king in Spain from 1936 to Franco’s death in 1975 although he did recognize the monarchy itself, so the crown remained on the eagle. The value isn’t very great due to the huge amount of badges being produced over the years and long use, about $20 at most militaria shows. Spanish militaria is not my specialty by any means.
