Medinany
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I believe you are right on track with your reply as to the design motif. There are also examples of "H&M" initialed campaign pins as well. little brown jugs harrison & mortonI believe it could possibly be a Harrison/Morton campaign pin for the presidential election of 1888, although I can't find an example to prove it. One of their campaign pins was round and had their names with a stars and stripes motif similar to your maltese cross. To me, yours has the look of that time period as well.