This is a cadet sized 20 mm button. It has the Scovill's backmark which was used in the 1850's. Conventional wisdom, and the books list it is Episcopal College. The motto in the scroll is "Festina Lente", which in Latin is "Make Haste Slowly".
The crossbar of the sword, if you look carefully is the horizontal part of a Maltese cross.
Now, there were numerous Episcopal colleges in the US in 1861. Somone posted a dug one here on Tnet over a decade ago, I have seen at least one more non dug example for sale within the last year. This one is the button Harry Ridgeway had on his website until I grabbed it.
Has anyone seen this button in real life, dug one, etc? And has anyone looked to see which school it was associated with.
Any help is appreciated.