It appears to be a pendant or charm from the 1934 (NABF) National Amateur Baseball Federation World Series. I couldn't find anything regarding a C Craig, but most likely he was one of the players.
If it was sold by the thousands as a souvenir, then it might only be an interesting conversation piece. However, if it was given to players only for winning the series and is only one of appx 20 or so, then it might be considered by some collectors as rare and valuable. More research is needed to determine which of the two it is.
SBB
The National Amateur Baseball Federation (NABF) was established at an organizational meeting in Louisville, Kentucky, in 1914, and is the oldest continually operated national baseball organization in the country.