Looks more like a post war regional pin to me to me, Italians were big on "shields" for both youth groups and support groups during the 30s-40s. Because of this I would think more post war, however just my opinion.
Google F.M Frattelli they made lots of badges some military some civil, Cheers Paul
I've already Google the maker, I can't find any pin like it. It came in a small WW2 grouping, which leads me to believe that it's of WW2 vintage. Here is the grouping.