Surely it must be of some relation to the Spanish Order of Isabella the Catholic? The enamelling and medallion is different, but that is such a distinct cross and wreath suspension! Even the ribbon is similar in colour and concept.
I agree with 99wals. The ribbon and design features of the badge and its suspender scream "Order of Isabella the Catholic". This Order was awarded in three different types between 1815 and 1975. Both Werlich and Vernon note that numerous varieties of the insignia of this Order are to be found and the difference in enamel colour and medallion design are to be expected. This looks like an early issue to me, probably a Type 1 variation (1815-1931). The "IHS" design on the reverse threw me for a second, as this is also found on the Swedish Order of the Seraphim.