My first guess is it is a 19th century flat button. "PLATED" and wreath designs are commonly found on the backs. It also looks like it had a dimple in the center from where a shank may have broken off.
Don't rule out a coin, they're used as buttons as well. Got a 1857 Flying Eagle w/ hole in center that was. Also, in gypsy culture (Transylvanian) coins were sewn on to wedding dresses, how the dowery was given! That's free BTW!
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