Not finding a direct link to a sales promotion fob or tag, but Ford Canada made a Monarch model from mid 40’s to early 60’s. It’s largest selling point was that it had a V-8 engine so maybe...?
Monarch was an actual car company in the early 1900's. It would be a nice find if this happened to be a badge from one of them. I'm unable to find a company logo at this time. Just grasping straws here.