This is a vintage flat brass pictorial button reading "Ludovicus Rex Plures Non-Capit Orbis".
This approximately 1 1/8" diameter flat button, has 2 holes in the center and features 2 angels with a shield with a crown on top in the center, and the phrase in Latin around the edge. Translated the phrase reads "There is no room in this world for more than one King Ludovicus (King Ludwig of Germany).
The button is in good pre-owned condition but has wear and discoloration.