In England no item can be described as silver or gold without a hallmark... instead auctioneers must describe them as "white metal" or "yellow metal"
You say it is too light to be worth hallmarking, well how do you explain that every link on a watch chain from that peroid would be hallmarked individually? Factor into the equation that when you send a large batch of items for hallmarking the price really comes down (Last time I sent something for hallmarks was 1997 and it cost £7 for a single item but was pennies on a large batch of manufactured items)
The mark in the centre was where a jump ring was soldered... it could be half of a cufflink (two of these for each cuff with a short chain between them) I cant work out the scale it may be too big for a cufflink...in which case probably from a coat or blazer.