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I think we all agree it is a modification of the Great seal. Figuring out who did it when for why is the interesting part.

Or I could make up some cool story I suppose.

That was my first thought as well. Though the alteration of the Eagle seal is peculiar as it has the shield below instead of over the chest of the eagle.

I picked this up a few months back from a nearby Antique Mall. It came with what I think is an unused vintage puck of Williams soap, though I truthfully have no reason other than hope to suspect this...