Leg Silver Pendant

Leg Silver Pendant
Found this pendant while cleaning today. It is quite unusual and we’d like to know what it is.?

Metallic pendant or charm, appears to be dirty or tarnished silver, but we’re uncertain. Front features some sort of chimera or demon with a rooster’s head, the torso and arms of a man, and snakes/serpents in place of legs. It’s holding what appears to be a dagger, and some sort of crescent-shaped object. Letters ‘I’, ‘A’ and ‘W’ are also present.

Back features writing ‘IAW ABPACAE’ (although the P may be an R), encircled by a snake biting its own tail.

Pics:

http://i135.photobucket.com/albums/q144/…

http://i135.photobucket.com/albums/q144/…

This object is quite puzzling, and any information regarding its identity, background or anything else about it, would be very much appreciated. Thank you.
New picture links:

http://i135.photobucket.com/albums/q144/Ryuha_Nara/Temp/Weirdpendant1.png

http://i135.photobucket.com/albums/q144/Ryuha_Nara/Temp/Weirdpendant2.png

The serpent biting its tail on the obverse is the ouroborus … this is the pagan symbol of cyclic eternity: time coming back on itself, death giving birth to life:

http://en.wikipedia.org/wiki/Ouroboros

The serpents emerging from the base of the figure are the same twin serpents found entwined round the staff of the physicians’ Caduceus … they are the pagan symbols of the male and female life forces which enter our bodies at the base of the spine. They are the equivalents of Yang and Yin.

[**see Edit - The crescent, I think that may be a witch's loaf - that's a kind of festival bread baked in the form of the crescent moon which is consumed at the Witches' sabbath. The object in the left hand, that looks like a ritual knife.

The rooster's head is associated with Velchanos - he was one of the Cretan pantheon:

http://books.google.com/books?id=BWAOAAAAQAAJ&pg=PA106&lpg=PA106&dq=velchanos&source=bl&ots=GpZOUDCdp7&sig=pSrQzrkZxU8nHbA7kgr74-O2lww&hl=it&ei=xMeZSrqDEKSEjAfHzam6BQ&sa=X&oi=book_result&ct=result&resnum=2#v=onepage&q=velchanos&f=false

http://www.acropolis.org/symboles/Symbs.aspx?Lang=eng&ID=148

** - see Edit]

I would guess that A and W stand for alpha and omega (lower case omega is written like a rounded w) and the I is I:
I am the beginning and the end.
That would tie in with the Ouroboros, too.
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**Edit:

Found him! He is not Velchanos, but Abraxas:

http://it.wikipedia.org/wiki/Abraxas

Summary translation:
Abraxas is of Gnostic-Mithraic origin, he is the mediator between humanity and the Sun God. In Persian mythology, he represents the union between AhuraMazda and Arhiman, or good and evil. He is engraved on stones and gems used as magical talismans. In Gnostic cosmology, Abraxas is the name of the most high God. His name is found in many alchemical texts and some people think that this is the origin of the word of power, “Abracadabra”.

The objects he is holding are a shield and a flail.
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Lesson learned – I should have researched the inscription first