This is a Sonic yoyo!
It is semi-transparent blue with clear edge. The oddly posed SA1 era Sonic fits the circular design, while a simplified logo sits on top of the art. You can see the copyright info at the bottom and the pale string off to the side. This was actually some sort of booth gift / promo item from one of the Japan gameing shows where Sonic 1 appeared. This means it was free...but in very limited supply. It's likely uncommon now.