This lovely piece of equestrian inspired stickpin is made of 15ct gold and set with lustrous little pearls. Our jeweller estimates that it was made around 1920s. Depicting a finely detailed horseshoe intertwined with a riding crop. 
The pin itself is made of gold-plated base metal, with the head of the pin being 15ct gold. 
In excellent condition, this piece has clearly been cherished and carefully kept for over a century, and would make a distinctive and lovely accessory to wear.