Possible Railroad pin or ????

[Mike from MI]

At first I was thinking it might be similar to a GAR, or Odd fellows type of pin/hanger. Searches seem to point at The Gulf, Colorado and Santa Fe Railway. I can't find this pin anywhere. Any help out there? The letters are GC & SF. I tried other combinations but no luck.

 

[nhbenz]

It does have similarities to a ladder badge/medal, but I'm not sure if the configuration is right... What size is it and what does the back look like?

 

[Mike from MI]

Appears to be a type of RR ladder badge, but I still can't find another like it. Here are pics of the back and cleaned up. The circle is a little bigger than a nickel.

 

[Mike from MI]

Cleaned up

 

[nhbenz]

The connection points aren't lined up very well with the lined field on the button portion, which would have been easy enough if it mattered, which it would on a ladder badge. Also, there is no text on what would be a ladder rung (or bar portion) which are both details a ladder badge would have.
For those reasons I think it was part of a button belt like this: https://www.etsy.com/listing/130730965/on-sale-vintage-military-button-chain