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Located this tag few days ago. Residence is on property of old West Shore RR. I could find no info on the Wheelway League, but CH Hanson, mfg of tag has a web page. I am waiting for a reply to my question on tag's use or Wheelway League.
Okay Mr. Buckram your turn. <img src="/metal/html/lol.gif" border=0 width=15 height=15 alt=":lol">
 
He stepped out for just a moment. Mind if I take a shot at it ?
I'm basing my "guess" on three points. The date, "Wheelway" and the apparent bicycle wheel.
Somewhere around 1898, when bicycling was all the rage, member 177 of the Herkimer County Chapter of the Wheelway League crashed and burned on the wheelway,or road, and in the tumble, he lost this item.
With nothing in the photo for scale, I hesitate to tread further down this trail into the past. I will venture that possibly it would have been placed on the stem, beneath the handle bars, to show membership in this bicycling club.
Nice find and in great condition despite a century in the ground!
Off Topic: Bet it's beautiful up there 'bout now. My dad was born in Pennyan in 1927. I'm just allergic to snow. <img src="/metal/html/wink.gif" border=0 width=15 height=15 alt=";)">
 
Nice catch, Tn. Rocks!
The go-to guy for U.S. & Canadian bicycle memorabilia is:
Lorne Shields,
P. O. Box 87588,
30O John St. Post Office
Thornhill, Ontario L3T 7R3
Canada
E-mail : lorne-shields@rogers.com
HH.
Buckram
 
Thanks, Tn Rocks and Buckram. It is nice up here, but soon, Mom and I are headed down there! Too old for this snow stuff. Tag about 1 5/8 inches round and would go onto bike okay. A bike tag never dawned on me but makes sense. Thanks again everyone.
Also posted on forum today a 1924 NYS Chauffeur License Tag.
 
...lists for $15-20. Highest badge # known for that year is 388492; total number of registrations or licenses & badges issued, unknown.
HH,
Buckram
 
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