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It looks like the item used to be a hat pin and has been converted to a pendant
made from solid 9ct 375 yellow gold
it has been reattached using lead solder
The pastes will have some marks and surface dents on them as to be expected with age and use
The sapphire pastes have some marks and rubbing on them
Antique Victorian Intaglio Fob Necklace Pendant Rolled Gold Filled White Chalcedony Gemstone Letter Seal Stamp Vintage Jewelry Jewellery montrose lace agate It looks like the itemDESCRIPTION: An antique Victorian rolled gold intaglio fob seal pendant, adorned with genuine white chalcedony gemstone. I'm not 100% sure what initials are engraved into the chalcedony, it may be "WM". It weighs approx. 7. 23g and the size dimensions are in the later photos. The rolled gold finish has heavily worn in areas, showing the gold tone base metal underneath. There are some dents in areas.