The picture shows a view of this 1846 - 1896 Cambridge Flag Pennant Cut Metal Charm. The origin of this charm is unknown but it is obviously a 50th anniversary item from Cambridge. It may be from a school or business. All of the lettering and background is cut into the metal. It has a hole at the top to hang as a charm or medallion. It is in the shape of a flag or pennant. The back is blank and the front reads as follows:
CAMBRIDGE 1846 - 1896
The charm measures 1-1/8'' x 15/16''. It appears to be in mint as made condition.