Correct me if I'm wrong but, the figure appears to be in relief on your item whereas most seals including my own and the fair few others I've seen, are intaglio, 'carved' into the surface.
You mention the 2 holes in alignment with the head. To me, that makes sense for a brooch.
Edit: If it is intaglio and the holes are in the centre (center) of the oval, then you might have a spinner fob. More pics please.
At the moment I have to agree with nhbenz, it's a cameo brooch: nevertheless, it looks interesting and well worthwhile further research.
Mike