That exact emblem was on a button which was discussed here in the What-Is-It forum in past year or two. If I recall correctly, the general concensus of opinion was that it is a civilian "Fashion-clothing" button, showing an imaginary Family Heraldry Crest.
The axe-like object in the center is known as a Fasces symbol, and you can see one on the back of a silver US "Mercury" dime. Several people tried to correctly interpret the overlaid letters/initials at the button's center.
In my opinion, it is indeed a civilian-clothing "Fashion" button, from the mid-to-late 20th Century. With super-magnification of the image, you can see traces of the "black finish" which is typically used on the front of Fashion buttons to highlight the details of the emblem.
Photos of your button's back would be helpful for determining its time-period. If it has one of the various forms of "self-shank" back, it is definitely from the 20th Century. Is its back brass, or is it iron/steel?