Thanks Mike,
yes, the first letter is a 'G'. I supposed something like 'I believe', but I was not sure because the first letter.
In italian too is 'credo', but the form with the 'g' is only used in some rural areas (and in italian is a serious fault), so I was wondering about it. I think you are right (about the Welsh), considering the lion on the shield.
I'm not sure if this is a (modern) scale figure, so I was wondering about it. Maybe an iconographical motif inspired to some historical matter or just a poor picture of a scale model ?