This is a very uncommon--maybe rare--late 19th c. theater or circus category button 1 & 3/8" large that offers a variety of desirable features in addition to its subject. The Punchinello figure has the bizarre beer gut and hunchback, ugly visage, as well as the stick for beating Judy (not present). The dog Toby also appears and is taking no abuse from Mr. Punch. The subject has a parcel-gilt look with brass and silver-plating. Some of the steels have corrosion, but I think they can easily be cleaned with a fine emery cloth. Last, it is a real open screen-back!
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