A late Victorian or Edwardian enameled sterling yacht club flag or burgee pin worn by a sporting man or woman on the lapel or scarf. It has a safety pin closure. I don't know the location of the yacht club, possibly the Royal Thames Club, England, or a New York Yacht Club, or possibly Norway. The burgee is hand enameled and nicely detailed: a cobalt blue cross on a red background has a white outlined shield with a white cross on a red background with a white and red crown atop.
The pin measures 2" x 7/11" (5cm x 1.1cm) and weighs 2.5 grams. It is not marked but tests to be around 925 silver.