These photos were kindly shared by the owner of the item in question. They show the 1915 On War Service badge of Michael Pease.
These badges were issued to people to avoid them being accused to dodging military service, in this case this one was for the Cargo Fleet Iron Company Ltd

Part of the Pease dynasty of Quaker businessmen, Michael Lloyd Pease was born in 1891 and died in 1968, a photo of his grave can be seen here