Of all of the militaria 'bling' folks love to attach to steampunk zeppelin uniforms, the most sought after item is the German Zeppelin Commemorative Badge. Issued well after the end of The Great War, in 1920, this badge was given as a commemorative badge to those servicemen who were assigned to either the Army and Navy Zeppelin Air services.

The Army version of this pin is the one on the left (above the Iron Cross), and the Naval version is one the right. The Army version did not sport the Imperial Crown, as the Naval badge did. Both badges have the oval split wreath, with laurel leaves above and oak leaves below.
The original items, from 1920 to 1923 tend to run about $2400 and up. Later, in the 1960's the original dies were used to re-print a number of badges, which sport a small round pin back. These generally run upwards of $750. Modern reproductions, such as those offered by World Wide Militaria, cost about $20. Most steampunks will go for the repros, as you would expect. However, if you're a die-hard zeppelin fan, militaria collector, or simply someone with way too much cash on hand, an original 1920 badge is the thing to go for.
As you might expect, fake zeppelin badges abound. Good quality fakes have been found coming out of Israel, South America, eastern Europe, as well as from the U.S. It takes a bit of education, a good eye, and some common sense to keep from getting ripped off. Fortunately, more and more eBay shoppers, as well as legitimate militaria collectors, have started to speak up, so more information is now available to help educate potential buyers. The key here is to do a lot of research before buying an expensive item like a zeppelin badge. The pictures I've assembled here will help illustrate what to look for, as well as what to look out for.
German Commemorative Zeppelin badges were first made from 1920 to about 1923, for soldiers who were assigned to zeppelin units. Many soldiers, if they had the cash, would have private badges made which were of a slightly better quality than the originals. The one feature which almost always defines a zeppelin badge from this period, is the flaired pin used to secure the badge. Here is the reverse side of the Naval badge shown above. Note where the pin is placed, and that it is flaired near the middle of the pin. There were several badge manufacturers, as can be seen by the set of four Army badges pictured here.

Note that two of these badges have green paint on the. The wreath surrounding the zeppelin were normally painted, with the zeppelin itself being either painted white, or left in a silver-tone color. Many of these badges were also zinc plated, as silver was becoming scarce, due to the continued economic depression following the end of WWI. Also note that the size tends to vary a little. This is common for commemorative badges, made outside of normal military channels.

The first picture shows the obverse of the badge. Note the lack of detail. There should be berries on the laurel wreath (top part), and there should be acorns on the oak wreath (bottom part). Note the general lack of detail. Even if this item was heavily polished, it should still show much more detail in the wreath and crown.
The second picture shows the reverse side of the badge. One main thing here is the wrong type of pin. Compare the pin with the picture above. This is a wide pin, and not a smaller diameter round pin, which was used on other Imperial badges and medals. A wide pin like this was NEVER used on any period militaria.
The last picture, for me, is the real kicker. The C E Junker marking, as well as the Berlin marking are of the correct shape. However, the waning crescent moon (which is supposed to be a proof marking indicating a sterling silver item), the crown (which is suppose to indicate Imperial authenticity), and the 928 silver proof stamp (suppose to indicate the silver quality) are all poorly done stampings, by someone with a stamp and hammer. The Imperial crown proof markings disappeared after 1918, when the Kaiser fled to Holland after the war. As these badges were made in 1920, such markings should NOT appear on a commemorative badge. With all of that being said, please note that the lack any petina in the stampings. After almost 100 years, stamped markings should have acquired some dirt, grit, petina or whatever.
Seeing this sort of thing on an item priced in the $100's or $1000s of dollars is nothing short of criminal. This item was a recently done fake. The lady trying to sell this on eBay claims her hubby collected all sorts of militaria that she knows nothing about. Don't fall for something like this!

The obverse looks good. Lots of detail, although the color looks a bit odd. The reverse has a flat pin, rather than the flaired style, which might lead one to think that this might be a repair of some sort. The final picture, however, is the clincher. The reverse has a clean back, with the manufacturer's name, Walter Schot and 'fec.' stamped. The stamping is deep (indicating a heavy machine stamp, and not someone with a hammer and punch), and has the grit, grime and petina you would expect from an authentic piece. The one, small detail that would cause me to pass this buy up is the name - Walter's last name was actually spelled "Schott"! It is currently listed on eBay for $1900. This badge is a fake.
Concerning the well-known "WALTER SCHOT" stampings on Imperial badges, there is an instance a collector needs to look out for.

Note the difference between these stampings. In the second picture, the "T" in Schott has an oddly centered top. What's going on here is that this stamping (the second picture) is an authentic Walter Schott stamping. The die used to stamp the name became partially filled, resulting in a "single T" in the last name. However, those endeavoring to produce fraudulent badges failed to note this fact, and produced the "centered T" in the fake stamping, as seen in the first picture. There is a good photo at www.cejuncker.com demonstrating this. Matt did an excellent job assembling the CE Juncker web site.

A recent eBay offer. Starting bid was $34. This item was sold for $1125. Why? A boxed Army Zeppelin badge, with a post WWI CE Juncker stamp is a VERY RARE item. These badges are almost never seen with the original presentation box. The only thing that would have increased the price, would have been some sort of documentation on who the original receipient was.