What Is This?

Can you give us a picture?

can we see the other side? and about what size is it? from the first picture, sort of looks like an Indian Head cent that was counter stamped with OJY

I can't see anything but the letters

I don't know. Hopefully someone else will have an idea.

oh, and to CCF

It almost looks like someone intentionally tried to remove the initial images before counterstmaping it because you can barely see the indian head and very faint traces of what was on the back, but you can see O.J.Y very clearly.

It's quite possible. Back in those days, coins were used as convenient pieces of metal for all sorts of things. One such thing was to make a "love token" - you'd engrave the initials of yourself and/or your loved one on a coin and give it to them, for them to carry or wear as a reminder of you. Coins used in this fashion were often ground flat on one side or the other, prior to being engraved. Do a search on ebay for "love token" and you'll find dozens of examples for sale on any given day. Love tokens were usually silver coins, though - I'd have thought giving someone a token made from a lowly cent might have seemed cheap.

Unfortunately, the true reason why OJY engraved or stamped their initials on this coin will probably never be known, since OJY, whoever he or she was, is now long gone.