Closely cropped eagle insignia from Manila most likely.
Typical of Manila/Philippines made bullion insignia of the Spanish American War/Philippine Insurrection period, this embroider eagle has been on a cap at one time, with its dark blue wool trimmed closely to the bullion which is commonly seen.
This is a very nice example of quality work, with a higher relief, and the use of red silk thread in the area of the eagle’s beak. The banner does not read “E Pluribus Unum,” but shows extra rows of bullion to fill the space.
Condition is very good + and has a few loose bullion threads, not separated, and an even age patina overall.
USPS Priority $3.50