I do think it is a pill box, looks very similar to the pill boxes I saw in the Tiffany store.
Could be a snuff box.
Usually in a monogram, the large letter in the center is the person's last name. But if it's a school, they may mean the "U" to be the last letter.
The first letter looks like it may be the letter "I" rather than an "S". In script engraving, they are similar.
Found it! St. Lawrence University. President Hervey resigned in 1894, so was probably presented with this box then.
From the book "Sixty Years of Saint Lawrence" on Google Books:
Lang, you're very welcome. I love doing this kind of research!
Interestingly, the book on Google goes on about how hard Hervey worked, having to also teach regular classes and filling in as a substitute teacher at times, until it became too much, and he resigned.
The link you gave to the university page says he spent most of his time looking through a telescope on top of library building. Not very flattering. I wonder what the truth was?
If you want to sell it, the university might be interested in buying it. They might have a small museum or collection of artifacts, or maybe the current president would like to own it.
Bumping this after more than a year...
Nope, have not heard anything from anyone from the university or alumni, owl4343.