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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 appears to be the Sun God (Surya) as he rides in his horse-drawn chariot.
The back of this 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 (before being plated of course), 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, blue, and grass green, in the Asian cloisonne tradition. A great piece to add to your Siam collection! Just beautiful. 1-3/8" across.