Pay special note to the prong in front of the pin back.  It may have been More pointy at one time? but is blunt on the end now. 

This is a very nice piece and would be beautiful worn at the waist or the neckline. Or even as a traditional brooch. 

It has faint etched monogram on the reverse CBL? Would not be seen from front and just gives it more antique charm. It is a C clasp pin.