Searching online, the best translation I can find is "There is no room in the world for more than one King Ludwig." I can only assume the button is American since my Grandmother had American-born parents and rarely left the country.
Is this the true meaning? If so, why would you put that on a button, and which King Ludwig/what situation is it referring to?!
edit for detail - the picture in the middle seems to depict two angels holding an object (absolutely cannot tell what) with a crown on top of it.