I'm not sure of the metal but its solid. It might be a toy but it seems too well made to be one. It's heavy and ornate. Our county has a long history of horse races, polo etc. dating back to the 1800's when this area was called the winter colony and lots of rich northerners had homes here that they returned to during the winter. I've heard that even Gen Patton was a regular polo player when he was stationed nearby. There are sill a lot of horse owners, breeders and stables here today.