Hello GTB
The obvious interpretation is "Piccadilly" but I have never come across a C&J Weldon button with that address as a backmark. It is usually just 'C & J Weldon London' or with the addition of a 'Cheapside' address.
They were making buttons from the 1850s on so yours could well be an earlier address for them. Keep cleaning and let's see what else comes up!
Regards
Roger
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