I don’t think it was meant to wear on persons cloths. The clip on the back look like it was meant to clip on a round shaft. I notice that most badges that are meant to be worn on a person will have round balls on the tips the star arms to prevent eye injuries or they are encircled with a ring. I would say that it is relatively modern, late 60's on up. It may be for a display or trophy.
Oh and I notice the horseshoe is upside-down, that is bad luck, lol. That points to it being made in another country, what US company would use an upside-down horseshoe on a sherrif badge.