This is an embroidered silk card from World War I, with the initials A.S.C.
Those letters could stand for any of the following:
American Society of Cinematographers
Artichoke Society of Canberra
Aeronautical Systems Center
Association of Society Cadavers
Ambulatory Surgical Center
In this case, the letters stand for the Army Service Corps, although they were sometimes referred to as Ally Sloper's Cavalry, after a contemporary rent-dodging, drunkard cartoon character. However, the truth is that this corps played a very important role in World War I. Their name was changed to the Royal Army Service Corps. in 1918.
Click here to see them.