U.S.N. NAVY YARD

When sold to me, this item was advertised merely as a watch fob, but I think it's a bit more than that.
It looks like some sort of civilian employee ID for getting into the Navy Yard.
Given the woman's hairstyle, I thought it was from the 1940s, but a friend with an eye for such things has said the 1930s.

At the moment, I have nothing more to go on.