This is a vintage Billy Royal, curb chain with silver buckles and tips. I also believe the buckles are solid sterling. Silver is marked "Mexico" on the tips with sterling and there is no stamp that states "silver overlay" on the. The chain is solid nickle. On the tips it is marked sterling.
This curb chain has marks on the leather from use but is not damaged. A handsome addition to your sterling headstall. Please message if you have any questions.