This stickpin is marked L&N. This stands for Louisville & Nashville Railroad. It is a figural flag on the pin. These were usually worn in a lapel. It measures 2-3/8" tall x 5/8" wide x 1/8" deep. There are no maker's marks. A magnet does not stick to this so I believe it to be plated brass.
This stickpin is in nice condition. There is some wear to the plating. This is a nice early railroad piece!!