This is an ornate Victorian Revival style pendant-brooch featuring a shield-shaped central frame of antiqued silver-toned metal, likely pewter or silver-plated brass. The piece's focal point is a large, oval cabochon of 'Dragon's Breath' (Mexican Opal) glass, which displays a shifting iridescent play of blue and pink flashes against an amber-red background. The frame is intricately designed with scrolled openwork, decorative beading, and a series of small, multi-colored rhinestones in shades of amethyst purple, emerald green, and fuchsia pink. At the top of the design is a crown-like arch featuring three small stars. A articulated, matching metal dangle hangs from the base, also set with a single green rhinestone. The metalwork shows a dark, aged patina consistent with mid-20th-century costume jewelry, likely dating from the 1940s to 1960s. The construction is solid, using prong and bezel settings for the stones. While no maker's mark is visible on the front, the style is reminiscent of companies like 1928 Jewelry Co. or Art. The piece appears to be in good vintage condition with all stones present and minimal wear to the metal finish.

Based on my visual examination of this Victorian Revival shield brooch, I find it to be a well-preserved example of mid-20th-century costume jewelry, likely dating to the 1960s. The centerpiece is a notable 'Dragon’s Breath' glass cabochon, a desirable feature for collectors due to its dichroic properties. The intricate openwork and set rhinestones are consistent with the revivalist trends popularized by firms like Art or the 1928 Jewelry Co. The condition appears 'Good to Very Good,' with the metal patina showing appropriate aging without significant pitting or finish loss, and all stones remain intact in their original settings. The current market for unsigned costume revival pieces is stable but niche. Comparables for similar multi-stone shield brooches usually settle in the $40 to $70 range depending on the intensity of the glass iris effect. The 'Dragon's Breath' element provides a value premium over standard glass, though the lack of a prominent maker's mark limits its upper-end investment potential. Limitations: This appraisal is based strictly on visual inspection of the provided description and image. A definitive valuation would require an in-person examination to verify the base metal composition (testing for pewter vs. silver-plated brass) and to ensure the pin mechanism is fully functional. Verification of the cabochon’s material is necessary to confirm it is indeed vintage glass rather than a modern resin replacement. Provenance documentation or a confirmed maker’s mark on the reverse would be required to elevate the piece to a 'signed' collectible category.