Button or Coin?

[West Jersey Detecting]

My friend Dale found this at a colonial site. I would have thought it was a button, but it is holed which some creates doubt.

I did not measure it but it is around 17mm.

As you can see there are letters around the edge, but I think there are signs of a shank. Why would a person hole a button?

 

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[Mackaydon]

What does the reverse side look like?
Don...

 

[IronSpike]

I see an O but not the shank part, sorry that's all I can assist with

Based pending pic of back I would lean towards coin/jeton/token.

 

[Silver Searcher]

Is this mark a counter stamp looks to have the letter J

SS

 

[IronSpike]

Why would a person hole a button?

Maybe a coin turned into a button Will you be able to get your friend to provide a pic of the back?