This ashtray is from the famous Cocoanut Grove nightclub that was located inside the Ambassador Hotel. The Ambassador Hotel was demolished in 2005-2006 and was the site where Robert F. Kennedy was assassinated.
This button came out at the end of the 1930's to celebrate the first Ford V8 engines. This one is a bit rare because it was printed in Los Angeles by Western Badge and Button. If you see one these buttons buy it because you will not see another soon.