I've never seen anything like it. But since you asked for my opinion, and said it is about 1 inch long, I'll tell you what little I can about it.
One part of it does indicate it is some type of buckle. The bar at its open end has a notch which resembles what we see on some 20th Century strap-buckles, to keep the buckle tongue's attachment-loop at the exact center of the bar, preventing the tongue from sliding over to the bar's corner. A slightly different example of that is shown in the photo below (which is a 20th Century buckle).
But, I cannot figure out the purpose of having the other half the buckle's body be a solid (not open) square.
The only other example I've seen of a buckle with a raised football-shaped emblem on it isn't actually a buckle, but instead is a horseharness strap buckle-shield (also called a buckle-cover). One with the raised football-shaped emblem is visible in the group in the other photo below. So, I might've guessed your find is some kind of horseharness strap buckle... but being only 1-inch long and 1/2-inch wide, it seems much too small to be horsegear-related.
I've never seen anything like it. But since you asked for my opinion, and said it is about 1 inch long, I'll tell you what little I can about it.
One part of it does indicate it is some type of buckle. The bar at its open end has a notch which resembles what we see on some 20th Century strap-buckles, to keep the buckle tongue's attachment-loop at the exact center of the bar, preventing the tongue from sliding over to the bar's corner. A slightly different example of that is shown in the photo below (which is a 20th Century buckle).
But, I cannot figure out the purpose of having the other half the buckle's body be a solid (not open) square.
The only other example I've seen of a buckle with a raised football-shaped emblem on it isn't actually a buckle, but instead is a horseharness strap buckle-shield (also called a buckle-cover). One with the raised football-shaped emblem is visible in the group in the other photo below. So, I might've guessed your find is some kind of horseharness strap buckle... but being only 1-inch long and 1/2-inch wide, it seems much too small to be horsegear-related.