It's definitely not a coin; I'd agree with the button theory. The loop would have been attached where the oddly coloured lump of metal inside the wreath would be.
Quote:
If it was a button why is there a design on both sides...
Many old buttons had markings on both sides. Often, the manufacturer would identify themselves on the back, around the attachment loop.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis