Small coat of arms fraternity pin.  The little shield has a caramel color behind the sash.  I'm calling it enamel but it could in some kind of inlay.  It's pretty small and hard to see.  There is a little lantern shape at the top and the base looks like a bow.  

The pin stem releases from the center instead of the typical side.  The pin is approx .5" x 1.25" and is in good antique condition with signs of wear and minor normal surface scratches and patina.  The pin stem has a bit of a wave but seats inside the catch well.