I think it's part of a button. the back and the loop are gone and then it has seen a lot of wear.
See the bottom of this how it attaches to the "cap"? Just my guess.
Buttons chipped, broken, one of a kind were kept in jars and tins along with others many years ago in almost every mothers sewing room. They got swished around, played with by kids.
Or it could have been lost a long time and found and sat in a junk drawer as "different".
Who knows? But it isn't a coin or token. It might be part of a button or snap or upholstery tack.
My favorite album!
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World's Fair Exposition Medals and Ticketshttp://www.coincommunity.org/galler...p?album=2020