It does look like a late 19th piece to me, so 1897 seems to be the time imo.
a couple of things about it make me think it's from 1997 rather than 1897. for one, it has a steel suspension loop. I would think one from 1897 would more likely have a brass loop. for another thing it says '97, which I would believe to be more common in this modern era to use an apostrophe. Most badges and awards I've ever seen from 100+ years ago have the entire year engraved. just my 2 cents