Butler and Wilson Gnome, Dwarf, or Elf Pin

This pin is a bit of a puzzle to me. It's marked B&W on an applied circular disk on the back, but also bears a mark (A 1927) that makes me think the design may have originally belonged to another company. We've debated over whether he's one of Santa's helpers, a very colorful leprechaun, one of Snow White's dwarves, or a garden gnome. Whatever he is, he's a charmer, dressed in a rainbow of enamel colors and sporting a sparkling rhinestone beard. Approximately 2 inches tall. Excellent condition.