Looks to me as if someone used a large cent and made something similar to a Hobo Nickel.
The Buffalo Nickel was commonly used as a medium and was carved with different characters and traded for food and lodging during the depression era. Hence the term "Hobo Nickel".
If it's very slightly smaller than a quarter, it may have been made from a half cent or 2¢ piece; if it's a little larger, then either a token or foreign coin.