I'm thinking some kind of hat pin or cockade having to do with a farmer's organization. I think the hand is holding a plow blade. One doesn't hold a parchment paper like that, we usually hold it with our fingers. Possible? Take a toothpick and clean those letters for a good shot at what they mean. It appears that there are three rows of 2-3 letters each, probably an abbreviation for something! Best of Luck, Sub