The pin is an alumni reunion pin. University reunions are typically held at five and/or ten year intervals following graduation. The reunions are typically held in the Spring at the campus. There is often a parade with the oldest returning class marching first, and so on. 1946 would have been the first Spring following the end of WWII in August, 1945. My guess is the Univeristy waived the 5/10 year rule that year to welcome back all alums who survived the war and remembering those who didn't. The University of Michigan often used oval-shaped reunion pins; most reunion pins are round. They usually consist of just the year of graduation expressed with an apostrophe and the final two digits of the year. The color of the pin is the school's colors. There can be some variation in design by school. I once thought I had struck gold: a 2&1/8" pin featuring a big red "C" and "'19". Most certainly a souvenir of the 1919 Cincinnati Reds championship. Then I found them with other dates. Turns out they were Cornell University alumni reunion pins issued in the 1930s.
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