This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as gold medal.
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+1F947 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “1st place medal” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: 1st, first, gold, medal, place.
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 gold medal is a medal awarded for highest achievement in a non-military field. Its name derives from the use of at least a fraction of gold in form of plating or alloying in its manufacture.
Since the eighteenth century, gold medals have been awarded in the arts, for example, by the Royal Danish Academy of Fine Arts, usually as a symbol of an award to give an outstanding student some financial freedom. Others offer only the prestige of the award. Many organizations now award gold medals either annually or extraordinarily, including various academic societies.
While some gold medals are solid gold, others are gold-plated or silver-gilt, like those of the Olympic Games, the Lorentz Medal, the United States Congressional Gold Medal and the Nobel Prize medal. Nobel Prize medals consist of 18 karat green gold plated with 24 karat gold. Before 1980, they were struck in 23 karat gold.