It is obviously from Indian Motorcycle. It has their Laughing Indian mascot on it. { He is laughing at Harley Riders} This was never on any Indian Bike that I have ever seen. I would bet it was on a buckle.
There is a buckle just like this on Ebay now except it is sterling and the back is different. Search 1930s Indian Motorcycle Belt buckle in sterling silver.
Thanks for the information. Goober there are some sawmill ghost towns in the Rusk area. Only one I have hunted is Wildhurst near Forrest which is close to Wells. Its been a long time since I was there but had no problem getting permission.