The famous Lacoste Izod crocodile logo contained within an interdictory circle on this button is most likely making a statement against the "preppy" look and lifestyle that rose to popularity during the late 1970s and early 1980s.
The well-known Lacoste polo shirt and its crocodile logo were developed in the 1930s by French tennis great, Jean René Lacoste. Its association with the “yuppie” movement later in the century was initiated after it gained preference by country club members and Ivy League college athletes of the 1970s and 1980s. The Official Preppy Handbook which was published in 1980, declared the Izod polo to be "the sport shirt of choice" for anyone who considered themselves prep school elite. With the brand’s French origins and sizing as well as its historic associations with wealthy pastimes such as tennis, golf, and sailing, the crocodile-clad clothing became an instantly recognizable symbol of the well-to-do.
Source: Benz, Matthew. (2011, June 8). Le Crocodile: How Lacoste Became The Preppy Polo Of Choice. Retrieved from http://www.ivy-style.com/le-crocodile-how-lacoste-became-the-preppy-polo..