Naval button or yacht club?

[Alex Rice]

Hi All
Can anyone ID this button please? I think it is RCYC so my initial thought was Royal Cape Yacht Club but I have asked a collector friend of mine who has discredited this. The other options were R Canadian YC, R Cork YC and R Clyde YC, but all of their buttons are different. Having a closer look the first 'C' may well be a 'T' or other letter, it may be slightly different to the 'C' at the end. Any ideas?
Thanks in advance, cheers,
Alex