This curious badge or brooch looks homemade and was perhaps made on demand by an itinerant craftsman at a travelling fair. The central initial in the shield is the letter M - possibly the initial of an organisation or a sweetheart.
The pendant is made from a single length of wire (probably steel) with a square cross-section; the pin is of the same metal but with a circular section. Hopefully someone seeing this will recognise the type and let us know something more about it.