The picture shows a view of this old Robin Hood Character Premium Toy Badge. It has a raised image of Robin Hood with his bow and arrows as well as a lion on each side of the faceted blue plastic jewel. The front and back read:
There is a straight pin and hook on the back. It appears to be made of forged aluminum and it measures 1-1/2" x 2-1/8". It is in excellent condition with some old glue around the plastic gem. I'm not sure if this was a premium or a store bought badge. It may even have been both. It is not dated but believed to be from the 1950s.