Maybe a button?

[Jlaforge38]

Looks like a button says either RFG or REG oct 31 1850

Around the outside all i can make out is the universal

 

[against the wind]

What does the other side look like?
Was there any kind of post or pin for attaching it to a hat or collar?

 

[Jlaforge38]

Nope whatever it says on the front just shows threw the back but seema to be like there was a pin

 

[nhbenz]

Reg with an underlined d, abbreviating Registered.

 

[Icewing]

The outside says "The Universal W...." but your picture cuts off the rest.

 

[Jlaforge38]

Thats really all that can be made out . The pic is cut off but nothing there ia visible