Hi there,
It could be a Blazer or Mess Jacket Button to the Prince of Wales's Own (West Yorkshire Regiment).
As you say the Late Jennens backmark dates it to mid-late 1920's.
I don't think it is a the Regimental Hunt button for the Prince of Wales's Own (West Yorkshire Regiment) as I believe that is the button shown below, which was in use from at least the early 20th Century and onwards.
Cheers
Ian
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