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From my personal collection, approx. 1 3/4"by 1 1/2", circa 1920s.
This pin has stumped me for years. It is comprised of two pieces of celluloid, a maroon piece on top of a red piece. On the top piece is a motif of a figure that looks like an Olympic runner of some sort. He or she is holding a ribbon or banner that is flowing in the breeze. Another theory is that this is a nude Olympiad holding the Olympic torch.
Very cool, minimum wear, this may be a homemade pin, I'm unsure. It has a little safety pin style clasp. I have two similar pins that I purchased about 20 years ago from an Atlanta estate. They have never been offered online before.
Good vintage condition, some wear but no damage or repair.