This is a Disney Disneyland Paris Pin.
It features Pluto pretending to be a Lion in a Circus.
He is crouching on top of a red & yellow circus drum.
He is looking upward and wearing his green collar and
his gold tail is curled up off the side of the drum.
This is Pin #1 of 5 from a set that was released to commemorate the new street show/parade "Toon Circus" that had started in Disneyland Paris.