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+1F4CD offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “round pushpin” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: location, map, pin, pushpin, round.
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 drawing pin (in British English) or [thumb] tack (in North American English), also called a push-pin, is a short, small pin or nail with a flat, broad head that can be pressed into place with pressure from the thumb, often used for hanging light articles on a wall or noticeboard.
Thumb tacks made of brass, tin or iron may be referred to as brass tacks, brass pins, tin tacks or iron tacks, respectively.
These terms are particularly used in the idiomatic expression to come (or get) down to brass (or otherwise) tacks, meaning to consider basic facts of a situation.