Vintage, ribbon-shaped pin with 2 hanging arms for charms/awards. Sterling?

Description

This is a vintage pin shaped like a gathered ribbon (bow).  There are 2 hanging "arms" down from the ribbon, each has a small loop at the bottom end, which, I assume, is to attach other tiny awards or charms (I know from Girl Scouts, that they had pin bars where you could hang small awards for years of service...).  Anyway, the pin is a silver tone metal, unsure if it is sterling or not.  It measures 1-1/4" long x 7/8" high (counting the "arms").  Only counting the ribbon, it measures 1/4" wide.  The "arms" are 5/8" long x 1/16" wide.  There is a rolling clasp pinback, which is intact and works.  The item is unbranded.
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