Looks like spiel marke to me, but if you don't get a more definitive answer, consider reaching out to @brg5658 as Brandon's whole collection is horse-related coins and tokens.
Quote: thank you spence but @brg5658 as Brandon's has not been on line or over a year !!
Not on this forum, but has been on others. If you message him I'm sure he'll reply... BUT, this is a privately made token rather than a coin, and I think Spence got it right.
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