This is an old kanzashi (hairpin). The material doesn't stick to a magnet, so it's definitely not iron, but I have no way to test it, so I can't confirm it's silver. The main body has fine hair-like carvings, and a finely engraved "Uchide no Kozuchi" (magic mallet) that slides freely is attached. The head of the Uchide no Kozuchi is gold-colored. I searched online and found a similar item on the Edo-Tokyo Museum's website, and on Rakuten, a nearly identical one with the Uchide no Kozuchi replaced by a kite string winder was listed for 17,800 yen. This item seems to have a charm that far surpasses its material value.