Hot Air Balloons are a big deal! (literally...)
They're such a big deal, that they can get metal and enamel pins to commemorate or promote them. And, the fa mous Sonic one that was used to promote Sega around the UK area sure did. Of course, the pin isn't common.
It was probably for ballooning events and may have been limited edition. It clearly has various meanings to it as well....
There are also a few mistakes going on, like the insides of the ears and belly dot should also have been the beige enamel byt they missed and it's white so it looks wierd/unlike the balloon. The gap in the fingers is also white where it should be blue, and the hip hand is very poorly done. You can see the basket near the toe of the shoe.
The words say "G-Sega Team Pin" but there's a number 3 in a fan shape, and a curl projecting a white line...also, the background is specifically green & red. What do all these mean? Write in for credit if you know....