Excelsior made these tokens in conjuction with the beginning of the Boy Scout movement in 1910 to be included in any new pair of shoes that a Boy Scout purchased. The hole is normal, and was used to attach it to the shoes.
Don........
The Excelsior shoe company had made a variety of those tokens,starting in 1910 when the Boy Scouts were founded. I have found four different types all dated 1910. The ONE pictured here is I believe the first version. All cool and a neat find there.