I really like this steel flag as a form, and the scratched up blue painted surface is pretty great, too. I'd guess it was once part of a larger thing, maybe the sail on a model boat? Now, I'd probably just stick it in a vessel like a flower or use it to hold down a pile of papers, but I'd love to see it incorporated into a new creation.
Solid steel I think - it's quite heavy for its size. The surface is worn and aged in just the right way. 9 3/8" tall x 2 1/4" wide x 1/4" thick.