It appears to have the reverse milled to remove all design and the top drilled/milled for a ribbon or chain. Just guessing. I would look for edege marks from a lathe chuck.
You can see the rounded circle marks on the back. Probably someone loaded it up into a machining lathe and had a way with her. Awesome tool,not so awesome for coins!
By 1921 love tokens were very much a thing of the past so it's kinda unusual in that sense. Maybe it was an old man who made them in his youth? Just a thought
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