The formation of the Progressive Party began in 1946 when Wallace started to criticize policies of the Truman administration. The party formed at a convention in July, 1948 to launch the "New Party" as named on this "Staff" button. The 2.5" button is unlisted in Hake. There is a center window for a name card which has a small indent along the right edge. Additional text on the button is "Founding Convention Of The New Party/Sergeant At Arms." Minor surface wear only in reflected light. A rare and very limited issue. See the following five Wallace related items.