Rich,
The boots look like a man's, so I doubt that it's a brooch. It may be a personal item that he had in his pocket or his hand, or maybe it is a brooch - of his loved one.
It could be a badge, though. That's not inconceivable, since there were military persons aboard, such as Archibald Butt, but he, as far as I know, was wearing knee-high boots (formals?). Were there any policemen/firemen on board who perished?
It's strange, but by the awkward way the boots are lying, it seems as if they belonged to two different people, either that or the individual landed awkwardly. If there were more than just the two boots, I'd theorize that it might be the site of more than one person.
Just my thoughts...
As for Ballard...*ahem*