Dog with Bow Large Novelty Pin

Vintage 1940s dog with bow large novelty brooch. It is a very lightweight pin. I am not sure what it is made out of, but I would guess some type of paper mache. Fairly good condition but it does have issues. The pin on the back has been replaced. There is general overall wear. The bow has some discoloration and light cracking in the paint. I am not sure if the eye is discolored from age or if it was just never a bright white to begin with.