Grandfather's Pinion is a fossilized pegasus pinion mounted on a silver chain. It was formerly owned by Commander Hurricane. Breakbeat says it grants its wearer "bravery in the face of doubt".
Lozenge gives it to Sirocco during their encounter with Dead Red and The Treasure Express outside Ponyville.
Breakbeat reveals to Sirocco in the epilogue that it didn't actually hold an enchantment, and the bravery was his own. He still keeps it as a memento.