obviously no sign of a shank there, but it strikes me as being an early checkers game piece with its motif and color. You didn't state its material or size but its lack of words or numbers make me think game piece. Looks very old from a patriotic time in history with an early eagle.
Can I see a photo of a similar example... I can't seem to find any online. Also, When do you think it's from, Civil War era perhaps? The reason why I think civil war is due to how patriotic it is, someone clarify.
I think that one side of it is union (due to the eagle) and the other side is confederate (due to the confederate wreath). I assume that that would be checkers considering that, maybe a battlefield themed version of checkers.
Really hard to put a date on it although I will guess sometime shortly after the CW. The wreath on the reverse may just be in imitation of the coinage at the time, which featured wreath designs. It well may be that you won't find a comparable one although modern examples have been known to have eagles and crowns(talking of checkers of course). It too may be folk art or made in limited quantity that it may be somewhat unique for what it is. Either way, one good buy for a quarter.