Any idea what this is?

Any information is appreciated.
The only lettering I see is ‘GILT’.
The center seems to be plugged with a different colored metal.
I don’t see anything on the reverse, so it was either uniface, or worn/rubbed off.
The diameter and thickness is comparable to a US Lincoln cent.
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Comments
It might have once been a button.
That never occurred to me, but I suppose that is very possible.
I wonder if it was mounted in clasp for attaching to material.
Definitely a button. You might ask on the metal detecting forum, buttons are a common find and are pretty well studied.
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