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+1F9F7 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “safety pin” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: diaper, pin, punk, rock, safety.
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 safety pin is a variation of the regular pin which includes a simple spring mechanism and a clasp. The clasp forms a closed loop to properly fasten the pin to whatever it is applied to and covers the end of the pin to protect the user from the sharp point.
Safety pins are commonly used to fasten pieces of fabric or clothing together. Safety pins, or more usually a special version with an extra safe cover, called a nappy pin or loincloth pin, are widely used to fasten cloth diapers (nappies), or modern loincloths. They're preferred as their safety clasp, while remaining an ingestion hazard, prevents the baby from being jabbed or pricked. Safety pins can be used generally to patch torn or damaged clothing. They can also be used as an accessory in all kinds of jewelry including: earrings, chains, and wristbands. Sometimes they're used to attach an embroidered patch. Safety pins are divided into numbered size categories. Size 3 pins are often being used in quilting and may be labelled for purchase as a "quilting pin." Sizes 4 and larger may be called "blanket pins" and deemed acceptable as kilt pins for informal dress, depending upon design and appearance.