It is definitely Teddy Roosevelt on the front. The image on the reverse looks like Charles Fairbanks, Roosevelt's Vice-President from 1905 - 1909 (Roosevelt didn't have a VP during his first term after he ascended to the presidency following McKinley's assassination).
I don't know for sure, but it looks like it may be some kind of a campaign token from the 1904 election. It does have a "mass produced" look to it.