[Paul Spellman]

Having misread the V as an M last night I thought local militia however, it is a V though curly, apologies for misleading it is an early Volunteer Movement button from 1794 for the early Volunteer company of that time, they did become the Local Militia around 1810 and it was possibly wore later by a militia man (ex Vol) who lost it in the the area you found it, the Volunteers were restricted to township defence,
Movements of the Militia can be traced on electricscotland.com in the free readable book on the site called ‘The History of the Scottish Borderers Militia’

Attached is a MHS article showing a medal and description of the same unit
The date at the bottom (no.6) of 1880 is incorrect/misprint on the first image as in the description it states 1800 for plate 1 no6
Paul