this is just a wag but it may not be a coin or token.
it appears to be made of steel. when i was a kid, i would visit cousins in town that lived down by the tracks.
back then the railroad had little coin shaped mild explosive charges called torpedo's. they would lay
them on the tracks in a series of 1-2- or 3 and placed at a certain yardage intervals.
they were used to signal the engineer in a caution or emergency situation.
when the train ran over them they would explode and make a loud "bang" that the engineer could hear.
if he heard 1-bang, it would mean stay alert, 2- bangs would mean slow down, and
3- would bring the train to a screechin ass halt.
some of the neighborhood kids would take chewing gum and stick .22 bullets to the tracks in
the direction the train was headed just for fun to watch the train come to a stop.
they really had no idea of the hazard they were causing or the hurtin that a R.R. dick would
put on them if they got caught.
one of the kids who acquired a few of the torpedo's was putting them into a piece of pipe one day
trying to make a big firecracker. they wouldn't all fit so he takes an old broomstick and starts to pack them in........
as dear old Paul Harvey would say, you know the rest of the story.