Old pin?

[chrico111000]

Found this in a yard from the 1930s. It says 1937 at the top and stars on the edges. I was thinking it was an old pin but I don't know why there is a hole in the middle and there is also some random letters and numbers along the outside of the circle. Any thoughts would be helpful. Thanks!

Front



Back



Random letters

 

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[doublet2a]

It's part of and Radio Orphan Annie secret decoder.

https://www.google.com/search?hl=en...50000...0...1.1.41.img..9.16.2058.89LDnGQ3Dqc

Tim