iron cross

I have an iron cross that measures 1 and a quarter high, in the
center, sorrounded by a wreath, is a picture in color of a young man
in the red-banded pillbox cap of WW I. I surmise that this indicated
the death of that young man, and perhaps he was post humously awarded
the iron cross. My son picked this up in Germany because the young
man might look a bit like the Red Baron. Could this be a commemorative
token of Richtoffen's death? Thanks for a personal reply.