This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F3C6 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “trophy” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: champion, champs, prize, slay, sport, victory, win, winning.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 🏆︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A trophy is a tangible, durable reminder of a specific achievement, serving as recognition or evidence of merit. Trophies are most commonly awarded for sporting events, ranging from youth sports to professional level athletics. Additionally, trophies are presented for achievements in Academic, Arts and Entertainment, Business, Military, Professional awards, Community Service, Hunting, and Environmental accomplishments. In many contexts, especially in sports, medals (or, in North America, rings) are often given out either as the trophy or along with more traditional trophies.
Originally the word trophy, derived from the Greek tropaion, referred to arms, standards, other property, or human captives and body parts (e.g., headhunting) captured in battle. These war trophies commemorated the military victories of a state, army or individual combatant. In modern warfare trophy taking is discouraged, but this sense of the word is reflected in hunting trophies and human trophy collecting by serial killers.