This is a vintage My Little Pony G1 action figure, a Dancing Butterflies TAF (Twice as Fancy) edition released in 1987. The Pegasus pony is made of vinyl material and has a bright yellow color. It comes from the popular My Little Pony franchise and TV show, produced by Hasbro in Hong Kong.

This original, licensed reproduction toy is suitable for collectors who enjoy vintage items from the 1980s. The figure is in good condition and has been well-preserved over the years. It would make a great addition to any My Little Pony or action figure collection.