As a 1.75" real photo sepia button this is listed as Hake #2 with 2004 guide value of $395.00. Here a 4" ribbon has been sealed between the metal back with bar pin and the celluloid. Ribbon reads "National Republican League/Washington, D.C. March 4th, 1905." Ribbon is missing two fabric pieces near the top and has a small hole beneath the word "League." The celluloid remains totally clean and glossy. Flanking the initials "G.O.P." are a tiny pair of accent marks. At the center between their portraits there is a little off white color which is in the development of the photographic paper as made. Celluloid has absolutely no stain and high gloss. Rare.