Kelly Silver Star Smooth Snaffle Bit from JT International
This Pony bit is Nickel plated, malleable iron with 1 3/4" rings.
Mouth is 4 1/4" , 5 1/4" 
A bit is a type of horse tack used in equestrian activities, usually made of metal or a synthetic material, and is placed in the mouth of a horse or other equid and assists a rider in communicating with the animal. It rests on the bars of the mouth in an interdental region where there are no teeth.