This is a nice quality all metal key-clip. The metal is made to look like pewter with a dark glaze that brings up the details. It is most likely just brushed white-metal, as pewter is too soft. This has relief-sculpted Winking Sonic along with the classic Sonic the Hedgehog logo.
The packaging here really looks like something out of the 1990s though, which is a bit tricky as this is avilable in 2008!