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Dear Ms. Garza,
Thank you for submitting your question to History Hub!
I do not believe this article is a U.S. Army uniform item. The format of the badge (eagle over shield with an embossed star) is more like that of a security guard. The engraving speaks to the location (Marks, Mississippi) and the license number could be the license that the hiring company employed for its guards or it could be a license for carrying a firearm.
Marks, Mississippi had a significant railroad and industry presence early in the 20th century, and both organizations employed numbers of security guards to protect their property.
We hope you found this answer helpful for your research.