A early  Panerai (Italian made) diving compass. A few were made for the German commando frogmen called "Kampfschwimmer" who belonged to the  KriegsMarine ( 1943-1945 )

The cardinal points are in German: Nord, Ost, Süd, West. 

For more info see: In German

 http://de.wikipedia.org/wiki/Kampfschwimmer_(Kriegsmarine)

In English:

 http://en.wikipedia.org/wiki/German_commando_frogmen

Contains Radium paint. (1.5 micro sievert/h)