This 2-1/2 inch diameter mold blown silver mercury glass Christmas ornament has an indented center with a paper scrap angel inside. The angel holds a wreath and is framed in a puff of cotton. The opening is scalloped due to the embossed ribbing at the sides and back.
The metal cap is marked Germany. There is some degradation of the inner silvering which caused a cloudy effect, mostly to the back. The scrap angel has some damage (missing her feet) but it's not noticeable until you inspect it closely. This shape and style of diorama scene ornament was made in Italy in the 1950s, usually with thicker necks and heavier glass. This is not the first older German ornament like this I've seen. I believe the Italians copied the older Germany ornaments.