Here is a likely enamel-coated pin that was only made for Spain.
It's shaped like the winged ring/title screen from Sonic 2, and has Sonic and Tails in there sort of like the game but...it does have a few issues. Sonic's hand on the banner is either in an odd position or he has 1 hand with 5 fingers and the other with only 4. His mouth is also way too big/the line is too long. Tails looks somewhat doubtful, but is otherwise pretty normal looking. The pin itself is clearly yellowing with age, and the spaces in the ears have darkened/makes it a little confusing. The slogan on the ribbon is "Ganara's" which 'to ganar' is to win so...Winners? No, because of the apostrophe winner-is? What is grammatically correct in Spanish? I don't know, but the pin is uncommon.