It is thought to represent a winged horse.
Pegasus is the winged horse from Greek mythology who sprang from Medusa's
neck when she was killed by Perseus. His father is Posiedon, making him a
'sea horse'.
Pegasus then flew to mount Helicon, where, striking the ground with his
hoof, a stream began to flow which became sacred to the Muses.
When Bellerophon was giving the task of killing the Chimara, he was advised
to procure Pegasus for the battle. Minerva gave Bellerophon a golden bridle
and showed him Pegasus drinking at the well of Pirene. At the sight of the
bridle, Pegasus approached and allowed himself to be captured. With
Pegasus' help, the Chimaera was easily defeated.
This conquest and other successes with Pegasus caused Bellerophon to become swell headed. He
attempted to fly Pegasus to Olympus to join the gods. An angry Zeus sent an
insect to sting Pegasus, causing him to throw Bellerophon from his back.
Bellerophon thereafter wandered the earth alone, lame and blind in
consequence. Some stories place Pegasus in Zeus' stables after this,
entrusted with the task of bringing thunderbolts and lightning to the god.
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