It reads, P. LOCALEX. With a star in the middle and below the star Badge number 24. Maybe it reads P. LOCAL EX. I do not see a space between the L and the E , just reaching. It is 2x1 1/2. Arty
Its a small world until you have to walk somewhere.
Baggage check tag?
These are very collectable. Check this site newindex.htm
Local - These were not to leave the "home" road. They do not have a specified station (just road and unique number). Generally one check i the pair is marked with a small star or other identification mechanism.