The wording of the backmark refers to the quality-level of the gold gilt applied to your brass button by its manufacturer (the Scovill company in Waterbury CT).
The form of the type of button you found has been nicknamed by most relic diggers as simply a flat-button, or coin-button, due to resembling a coin with a loop soldered or brazed onto its back. These "plain" flat-buttons were made primarily for usage on Civilian clothing, but many Military uniforms also had them. Such buttons, if made of brass, date from the Colonial era up to the late 1840s, when they fell out of public favor due to the advent of cheaply priced two-piece buttons with attractive designs.
The form of your button and the company name and gilt quality-level on its back indicate it was manufactured in the 1830s, but perhaps a couple of years earlier or later.
Regards,
Pete [P.C. George]