Had a friend who worked at Disney, she said this was a Conductor Hat Badge worn by cast members on the Disney railroad. It measures about 4 inches long. It has a tiny on to front edge of. Back has some light wear.
Its missing the studs and leather strap that held it on hat. The item "Vintage Walt Disney World Railroad Cast Member Conductor Hat Badge" is in sale since Friday, July 24, 2020. This item is in the category "Collectibles\Disneyana\Contemporary (1968-Now)\Pins, Patches & Buttons\Cast Member Exclusives". The seller is "219lyonscub" and is located in Myrtle Beach, South Carolina. This item can be shipped to United States, Canada, United Kingdom, Denmark, Romania, Slovakia, Bulgaria, Czech republic, Finland, Hungary, Latvia, Lithuania, Malta, Estonia, Australia, Greece, Portugal, Cyprus, Slovenia, Japan, China, Sweden, South Korea, Indonesia, Taiwan, South africa, Thailand, Belgium, France, Hong Kong, Ireland, Netherlands, Poland, Spain, Italy, Germany, Austria, Bahamas, Israel, Mexico, New Zealand, Singapore, Switzerland, Norway, Saudi arabia, United arab emirates, Qatar, Kuwait, Bahrain, Croatia, Malaysia, Chile, Colombia, Costa rica, Panama, Trinidad and tobago, Guatemala, El salvador, Honduras, Jamaica, Antigua and barbuda, Aruba, Belize, Dominica, Grenada, Saint kitts and nevis, Saint lucia, Montserrat, Turks and caicos islands, Barbados, Bangladesh, Bermuda, Brunei darussalam, Bolivia, Egypt, French guiana, Guernsey, Gibraltar, Guadeloupe, Iceland, Jersey, Jordan, Cambodia, Cayman islands, Liechtenstein, Sri lanka, Luxembourg, Monaco, Macao, Martinique, Maldives, Nicaragua, Oman, Pakistan, Paraguay, Reunion, Uruguay, Russian federation.