Vintage Cast Metal Clown Figurine 4” Tall Silver Plate?

This metal clown figurine looks hand painted. I'm not sure if it's silver paint or silver plate. There are some markings on one of his coat tails on the underside. The only thing I can make out is the word "Italy". There is also a marking that I don't recognize. If anyone knows anything about the marking or these types of clowns, please reach out to me. I'd love to learn more about him. Paint is chipped here and there, see pictures.