Thank you for the advise. From what I have found they are silver plated and gold plated as it is stamped on the piece. Here is a picture of one of them. Mine is in good condition and might be as good as the photo if polished. Light visible damage. The second one is a different metal or at least not gold and silver plated. Both have the horse shoe and head on the flip side.
Congratulations - in my opinion those are the finest belt buckles that S&W ever made. In mint condition with original box and leather case they are worth between $100-$150. Without the box and case probably $50-$75 in mint condition. They were made by Saddleworth Silversmiths. They were only in the catalog for 1 year - 1999.
I contacted the manufacturers to see what these pieces were all about. They replied that they are licensed and made from solid bronze and silver plated and gold plated. They retail now at $300 each. I will be putting them on this site and they are already on ebay. I have 4 peices.