Button?

[HunterMF]

Went on a great hunt on a Colonial/Civil War picket post site with a few people today. I haven’t been out in a while and it felt great to swing that coil again!! I had an amazing day (post coming soon after cleaning)!
I had just cleaned this item off and can’t figure out what it is.. I can make out “TAUG 1670 and CO” I placed it near a quarter for size comparison. Not sure what type of metal but I don’t believe it’s copper.
Edit: seems that I found a magnifying glass and it definitely says “ PAT AUG 16/50” and “MFG CO”

 

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[Dug]

Lantern wick knob.

 

[HunterMF]

Thank you Dug!

 

[nhbenz]

I believe the part of the name (before Mfg Co) that's hard to read is P&A, which is Plume &Atwood.
Here's the patent (date Aug 16 1870): https://www.google.com/patents/US106302
but Plume & Atwood weren't mentioned until the 1879 reissue: https://www.google.com/patents/USRE8661

 

[HunterMF]

Thank you nhbenz! Very informative! I appreciate the time taken to research this!