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Fabulous vintage enameled pin that is probably gold plated (over maybe silver or bronze).
This is the same artistic style as found in the old "Siam silver" and the theme is the Monkey God (Hanuman) chasing the Lightning Goddess as they fly through the clouds. The goddess is creating a thunderbolt with her hand with which she hopes to ward off her pursuer.
The back of this is unmarked but is clearly a match for another pin I have up which is marked "MADE IN THAILAND". (Note that the country formerly known as Siam first called itself Thailand in 1939, and went back to "Siam" for a few years after WWII. It has officially been Thailand once again since 1949.)
Back has an old-style C-clasp and it can be seen that the pin was hand-cut with a jewelers' saw, I'm sure it was also shaped (it is gently domed) and enameled by hand too.
The pin is filled with opaque enamels in red white and blue, in the Asian cloisonne tradition. A great piece to add to your Siam collection! 1-3/8" across.