In 1837 there were many tokens produced, called Hard Times Tokens. The U.S. was in a severe depression and coins of all sorts were being hoarded. Copper 'one cent' tokens were produced out of economic necessity. That would be my guess.
This is a 2 sous / 1 penny Canadian bank token, from Lower Canada (now known as Quebec), issued by the Quebec Bank (you can just make out the bank's name in the ribbon on wither side of the shield). Listed in the Krause world coin catalogue under Canada - Lower Canada as KM# Tn11. A brief article about these tokens.
Not going to be worth too much in that condition, with the hole. Quebec Bank appears to be the commonest of the five token-issuing banks.
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