Could be a medallion, that was given out for people that took part in the old Agri style fairs that were popular across both the US, UK and Canada. In earlier times, There were lots of common, stock ones that were given out, Most that I have seen no matter what I have seen have a ring that goes through a ribbon and the medallion, that is hooked to a bar pin that would have the information on it. Made it easy to change them if they had extra's for the next year and save some money. As the hole appears to be punched not drilled through the item. Since it centered on the horse side (probably the obverse)




















