Mushrooms sometimes naturally grow in circles, known as 'fairy rings'. According to folklore, fairy rings can either be good - gateways to supernatural worlds of fairies, gnomes, and the like - or bad - inhabited by the Devil. So maybe the circle that frames these toadstools is a reference to fairy rings.
This cute pendant features a grouping of short and tall toadstools or mushrooms with umbrella-like caps sitting atop their stems. Two of them are tilted enough to expose their undersides with their radiating 'gills'. Oxidation accentuates the details and gives the pendant a rustic look.