Unknown Tag

[Elkco]

I found this tag yesterday, in an old ghost town. There was a railroad, so maybe it's a luggage tag? It was a small gauge railroad, so don't think they would use tags, as it was mainly a commuter train between three small local lumber towns.

 

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[No gold in NY]

The hole in the tag suggest to me it could be for a watch fob. The number could be an employee number. You didn't say where the ghost town was. May be helpful.