Ark.chapter A-M Token

It's a Mark Mason's "penny" or "mark". For this particular variety, the name of the issuing lodge is on the "keystone" side (top picture). They are used within this branch of Freemasonry as a kind of identity disc. Once the owner of the token has achieved sufficient rank within the organization (they are "made mark"), the owner is expected to invent a personal symbol or logo and engrave it on the circular disc in the centre of the token.

On the other side is a replica of an ancient Jewish coin. The strange, asymmetric shape is also in imitation of crudely-made ancient coinage. This old thread used to have pics of a similar one, though those photobucket pics have now expired. Here's a similar piece on eBay.