I agree it looks more like a hanging attachment than a garment clip. I think it may be the hanging hook from the back of an old wall clock since the only plausible “Present & Co” that comes up was a jeweller in NY who specialised in clocks (grandfather, mantle and wall).
From the Jewelers' Circular and Horological Review, 1906:
“The branch jewelry store of Present & Co., at 444 Main St. [Buffalo NY], is undergoing alterations, which will make it one of the finest establishments of its kind in western New York. An extension is being made to the rear of the store. A new front is being built, and fixtures of the most modern sort are being installed.”