It's either made of zinc or spelter, this is why it looks to be disintegrating as we speak.
"Spelter is a zinc—lead alloy that ages to resemble bronze but is softer and has a lower melting point.
The name can also refer to a copper—zinc alloy used for brazing, or to pure zinc."
No idea what it is, but based on the style I'd say it's 'fashion related' and dates to the 1920s.
Dave