Can anyone explain what this item I've just found on ebay is?
http://www.ebay.co.uk/itm/VINTAGE-ENAMEL-KEYCHAIN-PENDANT-BADGE-PINAU-INVERNESS-CALEDONIAN-THISTLE-/141620622512?hash=item20f93f34b0:g:xecAAOxyg6BR1A1L
Since the auction is over in a few hours, I've captured it below: