Vintage Hand Made Miniature Alpha Theta and similar items

I believe this small sorority pin is most likely solid gold of some karat. It appears hand made; there aren't many metals you can work like that and at the time it was made the gold was likely worth around ten dollars by weight. It is too small for markings but give it some thought and see if you don't come to the same likely conclusions which I have. Comes in a small plastic box which was one thing that drew my attention to it in the first place. Also the butterfly clutch is the prettiest I have ever seen, it is probably plated.